LONDON: Russian-backed Indian refiner Nayara Energy has completed a long-term pre-payment deal with BP and global commodities trader Trafigura for $750 million, Nayara’s chief executive said on Wednesday.
The deal, backed by a consortium of international banks, will see the two firms repaid with future gasoline and gasoil over the next four years.
Pre-payments are one the financing mechanisms frequently used in the oil industry.
