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Economic Times
22 minutes ago
- Economic Times
Sanctions-hit Indian refiner Nayara turns to dark fleet, tanker data shows
Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows. Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions in July, a move that prompted shippers to back out, forcing the refiner to cut its crude runs. India, the world's third-largest oil importer and consumer, abides by UN sanctions and not unilateral actions, allowing refiners to import oil and ship products in vessels also under EU sanctions. This month, Nayara has imported at least seven cargoes of Russian oil, including on sanctions-hit vessels Centurion, Mars 6, Pushpa, Horae and Devika, formerly known as Apar, according to shipping reports and LSEG data. All were carrying about 700,000 barrels of Russian flagship Urals crude, the data shows. Nayara did not respond to an email seeking comment. Prior to the sanctions, Nayara was selling about 70% of the refined fuels produced at its 400,000 bpd day Vadinar refinery in western Gujarat state through its local network of more than 6,600 fuel stations, and exporting the rest. Nayara, majority owned by Russian entities including Rosneft, is seeking government help to secure ships and maintain stable operations at the refinery, where it has cut runs to 70-80% of capacity. A shipping source said Indian lines that undertake overseas voyages are not willing to carry oil and refined products for Nayara, while an official at a company that regularly shipped Nayara's refined products said they could not get insurance cover for their vessels in such cases. Another shipping source said Russian entities were helping Nayara arrange ships. According to LSEG trade flows, the company has used the Next, Tempest Dream, Leruo, Nova, Varg, Sard and Uriel - all under EU sanctions - to ship refined fuels, mainly gasoline and gasoil. Some of the vessels were renamed after being placed under sanctions. Evgeniy Griva, Russia's deputy trade representative to India, on Wednesday said Nayara is getting oil supplies from Russian oil major Rosneft and is not facing problems.
India.com
22 minutes ago
- India.com
What is CPEC-II and why is Pakistan betting big on China's ambitious project? Major concern for India due to...
(File) CPEC-II: Pakistan is betting big on the China-Pakistan Economic Corridor (CPEC), with the country's Prime Minister Shehbaz Sharif scheduled to visit Beijing at the end of August to inaugurate the CPEC-II, the second phase of China's ambitious project that aims to build a 3,000 km long sea-and-land-based corridor to to secure and shorten the route for China's energy imports from the Middle East. What is CPEC-II? CPEC phase 2 or CPEC-II is the next phase of Beijing's China-Pakistan Economic Corridor (CPEC), which aims to extend the project to new areas in the region, including Afghanistan. The CPEC-II is focused on industrial development with the aim to establish industries like sugar factories across Pakistan. Additionally, under CPEC-II, the two countries will increase mutual cooperation in various fields such as agriculture, science and technology. CPEC, a vital part of China's ambitious Belt and Road Initiative (BRI), was launched a decade ago in 2015, with the first phase focusing on construction of infrastructure in Pakistan, energy projects, such as roads, power plants and the development of the strategic Gwadar port. How CPEC benefits Pakistan? According to experts, Pakistan views CPEC-II as means to resolve its economic troubles and heal its ruined economy to some extent. Islamabad says the project will boost the country's agriculture sector, technological investment and connectivity, especially in the Gwadar port region. Why there is concern for India? As per security experts, CPEC-II is designed to to indirectly demonstrate Chinese power in South Asia and increase Beijing's military influence in Pakistan, with the proposed establishment of a Chinese military base and airbase in Gwadar. These developments, if true, could pose a major security threat to India as the CPEC passes through Pakistan-occupied Kashmir (PoK), which New Delhi considers as part of its territory. Story Highlights CPEC-II is the second phase of Beijing's China-Pakistan Economic Corridor (CPEC), which was launched in 2015. CPEC passes through Pakistan-occupied Kashmir (PoK), posing a major security threat to India. China plans to increase its military influence in Pakistan with CPEC-II. Pakistan believes the CPEC-II would help resolve its economic troubles and heal its ruined economy. Notably, the Gwadar port is located in the restive Balochistan province, and anger is simmering in the volatile region due to rampant unemployment and exploitation of resources in the region by China, with Baloch separatist groups using the resentment among locals as a rallying cry.
Hindustan Times
22 minutes ago
- Hindustan Times
India gets relief as China removes export restrictions on rare earth magnets
After months of speculation, Beijing has withdrawn its export restriction on rare earth magnets to India. The move is some respite for automakers and component makers, especially those engaged in electric vehicle (EV) projects, who were in the hot seat due to the supply chain squeeze. Personalised Offers on Mahindra BE 6 Check Offers Check Offers India depends on China for over 80 per cent of its magnet imports (Photo is representational)(AP File) Why rare earths matter Rare earth magnets may not sound like the backbone of the auto sector, but they quietly are. From electric traction motors to power steering, sensors and infotainment units, they are ubiquitous in a contemporary vehicle. EVs specifically depend on motor-grade magnets to drive production lines forward. (Also read: Tata Motors faces no production impact of rare earth magnet crisis, Q1 FY26 profit tanks 63%: CFO PB Balaji) China's dominance in this space has been well known, it accounts for the lion's share of global supply. That is why when Beijing imposed restrictions, Indian manufacturers had little choice but to either pay more for limited stock or explore alternative sources in markets like Japan and Australia. The impact of the clampdown The curbs, though in place for only a few months, left a mark on the industry. Automakers working on new EV launches saw delays creeping in as suppliers struggled to secure enough material. Some dipped into stockpiles, but those reserves were thin. Alternatives from outside China were available, but at a steep cost. For many companies, the episode was a wake-up call that India's electrification roadmap could be derailed by external shocks. (Also read: India's Bajaj Auto flags lower-than-planned EV output on rare earth magnet crunch) What changes now With the ban lifted, sourcing is expected to stabilise and costs may begin to cool in the coming quarters. For EV makers in particular, the move translates into fewer bottlenecks in the supply of motors and related components. However, the larger issue has not gone away. The dependence on a single nation for a key input makes the auto industry of India vulnerable to subsequent disruptions. Relief with a warning The resumption of Chinese exports has relieved near-term anxiety, but the incident served as a wake-up call. Resilience will take more than praying for steady flows of trade. Pundits say that India now needs to ramp up processing of rare earths and diversify supply streams. Automakers' message is unequivocal, relief now is a good thing, but long-term stability will come only from breaking dependence on Beijing.
