Trafigura is investing $250 Mn in Nagarjuna Oil Corporation Limited.
Of the total investment, $130 Mn will be invested as equity, while the rest will be invested for developing storage facility.
The new refinery and storage project will be located on the east coast of India, and will be able to receive supertankers, which typically can load up to 2 million barrels of oil.
Work on the construction of the refinery, with an estimated capacity of about 121,000 barrels per day and site development is expected to start this year, with commercial operations slated to kick-off in the first half of 2013.
Nagarjuna has partnered with the State Government of Tamil Nadu and Tata Petrodyne Ltd.
NOCL is part of the R43 Bn Nagarjuna Group. NOCL was operating as a subsidiary of Nagarjuna Oil Refinery Limited, but according to recent announcement on BSE, the company ceased to be subsidiary of the Nagarjuna Oil Refinery.
Trafigura is an international commodity trader that operates in 42 countries around the world. The company deals in commodities including refined metals, crude oil, renewable energies and more, and handles both shipping and storage of the materials for customers in a wide range of industries.
In the oil sector, Trafigura has access to more than 45 million barrels of storage facilities, through both its owned terminals under the PUMA network and through long-term lease agreements with third party oil terminals in over 65 locations worldwide.
In 2011, Trafigura acquired assets of Capeco, one of the largest independent fuel processing, storage, distribution and retail companies in Puerto Rico. In 2010, it acquired five new distribution and storage subsidiaries from BP in southern Africa, bringing more than 190 service stations and storage facilities into its portfolio.
The company is also acquiring ExxonMobil's fuels marketing and supply businesses in Belize, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
|Nagarjuna Oil Corporation Limited
Kanumuru Venkata Krishna Raju
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