Trafigura, BP increase loans to Russia-backed Nayara Energy to $3 billion
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 U.S. 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 process of syndicating a $1.5 billion loan to be repaid with future gasoline and gasoil cargoes from the refinery over four years, the sources said. The syndication is expected to be completed before the end of the year, they said. Nayara, formerly Essar Oil, was taken over by a consortium led by Russian oil major Rosneft in 2017. Rosneft owns 49.13 percent of Nayara, while Russian fund UCP and Swiss commodities