Hara Capital Sarl completes purchase of Trafigura's interest in Nayara Energy
Singapore, 11 January 2023 - Trafigura Group Pte Ltd has today announced the completion of the sale of its 24.5 percent indirect minority interest in downstream energy and petrochemicals company Nayara Energy Limited to Hara Capital Sarl, a wholly owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.), an energy investment group with a focus on energy and carbon efficiency infrastructure. This follows receipt of all applicable bank and regulatory approvals.
An investment consortium SPV, Kesani Enterprises Company Limited, comprising Trafigura and UCP Investment Group acquired a 49.13 percent equity interest stake in Nayara Energy in August 2017. Nayara Energy operates the second largest single site refinery at Vadinar, District Devbhumi Dwarka, Gujarat with a current capacity of 20 mmtpa and a significant fuel retail network in India.
Over the past five years, Nayara Energy’s shareholders have supported the world-class Vadinar oil refinery to stabilise its operations following a period of underinvestment. This has included raising international bank financing and developing a 450 KTPA Polypropylene plant which has received environmental clearance and which marks the first phase of Nayara Energy’s entry into petrochemicals.
Since Trafigura invested Nayara Energy’s strategy has evolved to focus on growing its domestic market presence following the successful expansion of its retail service station network to over 6,000 outlets, and on its planned expansion to become a major petrochemicals producer. As the new shareholder, Mareterra Group will bring a new expertise aligned with Nayara Energy’s current focus and future growth.
Headquartered in Rome, Mareterra Group Holding is predominantly active in Italy, Luxembourg, France, Spain and is expanding its reach to include regions outside of Europe. As a new shareholder in Nayara Energy, it will bring its strong experience in reducing the carbon footprint of fuel stations, installing electric charging stations and improving energy efficiency at industrial assets. The Group will also support Nayara Energy’s strategy to become a major petrochemical producer.
Over the past two years, Mareterra Group Holding has installed innovative pumping systems and charging systems for electric cars across Italy and France, which have helped to reduce CO2 emissions.
“We believe that reducing energy costs is possible in all industries, especially in the context of the energy transition. Nayara Energy is already implementing a number of low-carbon projects, plans to become a major manufacturer of petrochemical products, and is actively developing its network of retail service stations. In this context, we will share our relevant experience with Nayara Energy to strengthen both the technological and environmental leadership of the company in the Indian market,” said Filippo Ghirelli, Founder of Mareterra Group® Holding.
“UCP remains committed to its investment in Nayara Energy and believes in its future growth opportunities. We expect that the Mareterra Group will support Nayara in its next phase of development, including successful implementation of the Company’s energy transition initiatives, petrochemical expansion strategy and technological innovation,” said Irina Lanina, Managing Director of UCP Investment Group.
Notes to Editors
About Hara Capital
Notes to editors About Hara Capital Hara Capital Sarl is fully owned by Mareterra Group Holding (formerly Genera Group Holding S.p.A.), which has been working for years within the field of energy efficiency by investing in experimentation and engineering to achieve remarkable results in terms of energy production’s sustainability thanks to its skills in the development and management of complex projects.
Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.