Nayara Energy has signed a long-term $750-million prepayment contract for export of petroleum products to global oil majors BP and Trafigura. The Mumbai-based company operates India’s second largest single-site refinery, with eight per cent of the country’s total capacity in the segment.

Russian government-owned Rosneft holds 49.13 per cent in Nayara. Chief Executive, said the contract was backed by a consortium of reputed international banks. This comes at a time when BP has also announced a tie-up with Nayara’s competitor, Reliance Industries, for a joint venture company that will include a retail service station network and aviation fuel business across India.

A consortium of the Trafigura group and UCP Investment group holds another 49.13 per cent stake in Nayara, which bought over Essar Oil, which had an integrated oil refinery in Gujarat’s Vadinar. The refinery has annual crude oil throughput of 20 million tonnes, importing it from various regions.