April 12, 2012. Oil trader Trafigura has made its first move into refining in Asia, investing up to $130 million for a 24 per cent stake in Nagarjuna Oil Corp Ltd's (NOCL) planned refinery in southern India and replacing BP as NOCL's crude supplier. India and other emerging markets are boosting refining capacity to feed rising regional demand, while their counterparts in the United States and Europe restructure or shut plants as fuel sales slow. This is the first direct investment in the refining business by Trafigura Pte Ltd, a unit of the world's third largest crude oil trader Trafigura Beheer B V, which has so far invested in the refining business through its unit, Puma Energy LLC.