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SINGAPORE: Oil trader Trafigura will invest up to $250 million in refinery and oil storage project in India's state of Tamil Nadu, the company said in a statement on Thursday.
The investment will include an equity stake in the Nagarjuna Oil Corporation Limited oil refinery (NOCL) worth $130 million with the remaining investment being used to develop storage facilities.
Work on the construction of the refinery, estimated to have a 6 million tonne annual capacity, and site development is expected to start this year, with commercial operations slated to kick-off in the first half of 2013.