Singapore-based oil trader Trafigura said that it will buy a 24% stake in Nagarjuna Oil Corporation’s new oil refinery, planned to be built in the Indian state of Tamil Nadu for $130m.
The new refinery and storage project will have an annual capacity of six million tons and will mainly process heavy / sour grades of crude.
Trafigura will also allocate $120m towards the construction of extensive storage facilities and associated infrastructure at the refinery, which will be built on a 2,500 acre site.
Trafigura’s director of Oil Asia Pacific, Jonathan Pegler, said: "Once fully operational, the refinery will greatly improve the supply of oil products to local retailers."
Commissioning work at the refinery is expected to start in 2012, with commercial operations scheduled to begin during the first half of 2013.
Other partners in the project include TIDCO, an enterprise of Tamil Nadu’s government, and Tata Petrodyne.
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