 "Oil India likely to exit US, Russia blocks; to stay in Venezuela")
Nayara Energy has signed a long-term $750-million prepayment contract for export of petroleum products to global oil majors BP and Trafigura.
The Mumbai-based company operates India’s second largest single-site refinery, with eight per cent of the country’s total capacity in the segment.
Russian government-owned Rosneft holds 49.13 per cent in Nayara.
B Anand, chief executive, said the contract was backed by a consortium of “reputed international banks”. This comes at a time when BP has also announced a tie-up with Nayara’s competitor, Reliance Industries, for a joint venture company that will include a retail service station network and aviation fuel business across India.
A
