Mareterra Group acquires Trafigura’s stake in Nayara Energy
The energy investment group purchased the company’s stakes via its Hara Capital Sarl subsidiary to share the 49.13% interest stake of the retailer with UCP Investment Group.
Trafigura Group announced the completion of the sale of its 24.5% indirect minority interest in downstream energy and petrochemicals company Nayara Energy Limited to Hara Capital Sarl, a subsidiary of Mareterra Group Holding, an energy investment group with a focus on energy and carbon efficiency infrastructure.
Nayara Energy operates the second largest single-site refinery at Vadinar, with a current capacity of 20 mmtpa and a significant fuel retail network in India. In August of 2017, a 49.13% interest stake of Nayara was acquired by an investment consortium comprising Trafigura and UCP Investment Group.
Over the past five years, shareholders have supported the 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.
As the new shareholder, Mareterra Group will bring a new expertise aligned with the retailer’s current focus and future growth. Since Trafigura became an investor, the brand’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.
“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,” said Filippo Ghirelli, Founder of Mareterra Group Holding.
Headquartered in Rome, Mareterra 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 experience in reducing the carbon footprint of fuel stations, installing electric charging stations and improving energy efficiency at industrial assets.
