&w=3840&q=100)
Nayara Energy's pump supplies steady amid EU, US sanctions trouble
S Dinakar Amritsar
Listen to This Article
With the firm coming under the European Union's (EU's) latest bout of sanctions 18 days ago, Rosneft-run Indian refiner Nayara Energy may have temporarily lost its export market and reshuffled top management persons, but has kept India's domestic fuel market well supplied.
Petrol and diesel were plentiful, and the pump never went dry in recent weeks, they told Business Standard. They were expecting an 18-kilolitre tanker the following day to restock the outlet.
The refiner, which owns a 400,000 bpd (barrels a day) refinery on the west coast, in which Rosneft, Russia's state-run producer, holds a 49.13 per cent stake,
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
an hour ago
- India.com
China's Envoy Hits Out At Trump's Tariffs On India, Says ‘Give The Bully An Inch…'
New Delhi: Chinese Ambassador to India Xu Feihong has criticised U.S. President Donald Trump's escalating tariff policies, including the recent imposition of 50% duties on Indian exports. His reaction came through a post on X, where he referenced an old proverb in pointed context. 'Give the bully an inch, he will take a mile,' Xu wrote, attaching a quote from recent discussions between China's Foreign Minister Wang Yi and Celso Amorim, chief advisor to Brazil's President Lula da Silva. The quote read, 'Using tariffs as a weapon to suppress other countries violates the UN Charter, undermines WTO rules and is both unpopular and unsustainable.' Give the bully an inch, he will take a mile. — Xu Feihong (@China_Amb_India) August 7, 2025 India had initially been in line to finalise a trade agreement with Trump's administration. Negotiators from both sides held five rounds of discussions. However, the process stalled due to disagreements. India was unwilling to open up its large farm and dairy markets. Talks also broke down over New Delhi's decision to continue importing oil from Russia. The Chinese ambassador's criticism comes at a moment when the U.S. president is considering further economic penalties. Trump warned that countries buying Russian oil may face additional tariffs. He made this remark during a recent press conference at the White House. 'It may happen, I don't know, I can't tell you yet. We did it with India and we are doing it probably with a couple of others. One of them could be China,' Trump said in response to a question about new trade restrictions. At present, India, China and Turkey remain the top three buyers of Russian crude. Trump has said new 'secondary tariffs' may be applied if the war in Ukraine does not end by Friday. Earlier this year, tensions rose between Washington and Beijing over trade measures. The United States had increased tariffs on several Chinese goods, reaching as high as 145 per cent. In response, China raised its tariffs but stopped at 125 per cent. Officials in Beijing explained that any further increase would lack economic sense. 'Even if the U.S. further raises tariffs to even higher levels, it would be economically meaningless and would ultimately become a laughingstock in the history of global economics,' a Chinese trade spokesperson had said at the time. Despite the current standoff, Trump has announced intentions to meet Chinese President Xi Jinping later this year. According to the White House, the meeting aims to build the foundation for a new trade agreement between the world's two largest economies.
Time of India
an hour ago
- Time of India
CM appeals to people to support Swadeshi
1 2 Bhubaneswar: In the wake of the recent hike in tariffs on Indian exports by US president Donald Trump, chief minister Mohan Charan Majhi made a strong appeal to the people of the state to support the Swadeshi movement by using indigenous products and wearing handloom garments at least once a week. "Handlooms are not just an economic pillar but also a symbol of national pride and cultural heritage. From ancient maritime trade to the modern global fashion stage, Odisha's weaving tradition has consistently reflected excellence and spirituality," said Majhi, while addressing stakeholders of the handloom and textiles sector during the National Handlooms Day celebration here on Thursday. He inaugurated EKTA - Exhibition-cum-Knowledge sharing for Textile Advantage at Janata Maidan. He said the govt is committed to ensuring the social and economic betterment of weavers and promoting indigenous products in both domestic and global markets. He announced Bollywood actress Madhuri Dixit as the brand ambassador for Odisha Handlooms for a year, promoting it on national and international platforms. Majhi expressed optimism that with Madhuri Dixit's active collaboration, Odisha handloom products would gain enhanced recognition in both national and international fashion markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Woman sells ring given by ex, then jeweler tells her 'This can't be true' Daily Sport X Undo Highlighting the remarkable growth of the handloom sector at the national and state levels, Majhi said in Odisha alone, over 1.3 lakh weaving labour assistants have been engaged across all 30 districts. "To encourage youth participation in the handlooms and textiles sector, the state govt plans to introduce fellowship and internship programmes," Majhi said. To further strengthen the sector, the govt has signed 33 MoUs for an investment of Rs 7,808 crores in the textile sector, which is expected to create 53,300 job opportunities. To support this growth, facilities such as dye houses, warehouses, design studios, and quality control laboratories are being developed in key locations like Bargarh and Cuttack. Six textile parks will be set up across the state to further strengthen the industry, he added. The govt is providing support in marketing and e-commerce linkage to the weavers and is promoting the participation of Odia weavers in exhibitions in France, Japan, the US, and Singapore. "This is a moment to reclaim our economic self-reliance. Wearing handloom is not just fashion, it's a movement. Let each of us take pride in our heritage and help make Odisha handloom a global brand," he said. The minister of handloom, textiles, and handicrafts, Pradeep Bal Samanta, highlighted ongoing efforts to modernise and market the handloom industry while preserving its rich traditions. Over 40 weavers were awarded on the occasion for their excellence and innovation. The Ekta handloom fair, which will run until Aug 13, showcased the rich tapestry of Odisha's handloom heritage. The event was attended by various dignitaries, including development commissioner Anu Garg, handlooms, textiles and handicrafts secretary Guha Punam Tapas Kumar, and director of the department Prem Chand Chaudhury. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
NDTV
an hour ago
- NDTV
No Logic Behind Trump's 50% Tariff; Talks Continue With US: Official
Mumbai: There is no logic or reason behind the Trump administration's "unilateral" move to impose 50 per cent tariffs on Indian exports to the US, a senior Indian diplomat said on Thursday. Negotiations between the US and India continue even after the move, Secretary, Economic Relations, Ministry of External Affairs, Dammu Ravi told reporters hours after Washington doubled the tariffs on Indian goods. "This is a unilateral decision. I don't think there is any logic or reason in the way it is done," Ravi told reporters on the sidelines of the LIDE Brazil India Forum here. "Perhaps, this is a phase we have to overcome. The negotiations are still going on. So, we are confident that solutions will be found in the course of time in looking at mutually beneficial partnerships," he said while speaking on the sidelines of an event here. US President Donald Trump on Wednesday slapped additional tariffs, apparently peeved at New Delhi's import of Russian oil. The move is likely to hit various sectors, like textiles, marine and leather exports. In its first reaction to the move, India called it "unfair, unjustified and unreasonable". Ravi said the Ministry of Commerce is leading the negotiation from the Indian side, and some solutions were in sight when Trump moved in with the executive order, hiking the tariffs. "We were very close to finding a solution, and I think that momentum has taken a temporary pause, but it will continue," he said. It can be noted that, as per plans announced earlier, a team of US officials is slated to visit India later this month for talks on a trade agreement. Ravi said India and the US have been strategic partners, having a complementary relationship for some time, and underlined that businesses and leaders on both sides are looking at trade opportunities. The high tariff will not have any detrimental impact on the Indian industry, Ravi said, stressing that it will not "pull back" or derail India Inc. The Indian official said whenever any country faces tariff "walls", it looks for new markets where it can trade with, and the Middle East, Latin America, Africa and South Asia are among the regions India will target. "If the US becomes difficult to export to, you will automatically look at other opportunities," he said. Underlining that all countries are impacted by the tariff decisions being taken by US President Donald Trump, Ravi exuded confidence that solutions will evolve for the challenges. "This is, in my view, a temporary aberration, a temporary problem that the country will face. In the course of time, we are confident that the world will find solutions to it. Like-minded countries will look for cooperation and economic engagement that will be mutually beneficial for all sides," he said. With 'BRICS currency' also being Trump's subject of ire, Ravi denied any move to avoid the US dollar, but added that they are seeking alternatives for bilateral trade. After Covid, there is a shortage of 'hard currency', which is resulting in moves to trade in own currency, he said, adding that work on this aspect is on bilaterally and at the BRICS levels. The political leadership of Brazil and India is conscious of the need to increase trade, Ravi said, hoping that both countries can work in a "complementary manner". The recently concluded BRICS Summit in Brazil, attended by Prime Minister Narendra Modi, was extremely successful, he noted. India and Brazil have a lot in common, including being credible democracies. And there are bilateral opportunities in many sectors like fossil fuels, where the South American country has the reserves and the Asian country has to manage rising demand, Ravi pointed out. Other areas where collaborations are possible include renewable energy, biofuel advances, solar, hydro and green energy. Ravi said the idea of direct cash benefit transfer, which has helped save thousands of crore in India by plugging leakages, was borrowed from Brazil. Similarly, biofuel, where India has announced a compulsory blending of some fuels, is also owed to Brazil.
