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Nyara Energy to get $1.5-billion fuel-backed loan from Trafigura, BP

Nayara, formerly Essar Oil, was taken over by a consortium led by Russian oil major Rosneft in 2017

Reuters  |  New Delhi | London 

Russian-backed Indian refiner Nayara Energy is set to secure its biggest fuel-backed loan, a $1.5 billion advance from Trafigura, BP and some banks, according to industry and banking sources familiar with the matter. It takes the total size of Nayara's pre-payment deals to nearly $3 billion despite concerns over US sanctions. The company, previously owned by the debt-laden Essar Group, is gradually raising its profile on India's energy map. It is scouting to secure its future revenue streams by locking in export financing deals. Trafigura and oil major BP are in the ...

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First Published: Fri, November 23 2018. 11:33 IST