|Trafigura’s tie-up is an industry first
Trafigura's investment of up to $130 million into India's Nagarjuna
Oil's (NOC) refinery and storage facility has established a new way of
working for independent oil refiners and commodity traders.
The Dutch commodities trader's purchase in April of a 24% stake in
the refinery currently under construction in India's Tamil Nadu state,
set a precedent as the first tie-up of commercial trader and refinery
outside of an integrated oil major. It is also Trafigura's first foray
into the oil refinery and storage business in India.?The transaction
will also see Trafigura invest $120 million in storage tanks and
infrastructure adjacent to NOC's refinery.
Clifford Chance's partner Merrick White, who led the Singapore team