Wednesday, July 18, 2012

Trafigura's 1st Asia refinery investment in India; BP out

Oil trader Trafigura has made its first move into refining in Asia, investing up to $130 million for a 24 percent stake in Nagarjuna Oil Corp Ltd's (NOCL) planned refinery in Tamil Nadu and replacing BP as NOCL's crude supplier. India and other emerging markets are boosting refining capacity to feed rising regional demand, while their counterparts in the United States and Europe restructure or shut