logo
Nayara Energy seeks ships from India to ferry refined fuels, Indian government source says

Nayara Energy seeks ships from India to ferry refined fuels, Indian government source says

Economic Times2 days ago
Nayara Energy, an EU-sanctioned, Russia-backed private refiner, has requested assistance from India's shipping ministry to secure vessels for transporting its refined fuels. Facing difficulties in obtaining ships for its retail fuel supply within India, Nayara has already reduced its refinery's crude processing.
Tired of too many ads?
Remove Ads
Russia-backed private refiner Nayara Energy , which was sanctioned by the European Union last month, has sought help from India's shipping ministry to get vessels for the movement of its refined fuels , a government source said on Thursday.Sanctions-hit Nayara is struggling to get vessels for the supply of refined fuels for its retail stations in India. The private refiner has already cut crude runs at its refinery.Since EU's sanctions, Nayara has faced shippers asking for termination of contracts and Microsoft briefly suspending critical services.The ministries of shipping, oil and foreign affairs will shortly meet to look into Nayara's request, the source told reporters after a meeting with Nayara officials.New Delhi is exploring possibilities of arranging India-flagged vessels of local companies for the private refiners. Vessel owners are citing problems including availing insurance cover for undertaking voyages for Nayara, the source added.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

'India can help Trump': US lawmaker makes big statement amid tariff tensions, it involves Russia too
'India can help Trump': US lawmaker makes big statement amid tariff tensions, it involves Russia too

India.com

timean hour ago

  • India.com

'India can help Trump': US lawmaker makes big statement amid tariff tensions, it involves Russia too

New Delhi: The relations between India and the USA have taken a hit due to the imposition of a 50% tariff by US President Donald Trump. Amidst these developments, US Senator Lindsey Graham on Friday, 8 August, urged India to use its influence to end the Russia-Ukraine war. He said that if this war ends through India, it will prove to be the most important step in improving relations between India and America. What did the US lawmaker say? Lindsey Graham posted on X: 'As I have been telling my friends in India, one of the most consequential things they could do to improve India-U.S. relations is to help President Trump end this bloodbath in Ukraine. India is the second largest purchaser of Putin's cheap oil — the proceeds of which fuel his war machine. I hope Prime Minister Modi emphasized to Putin in their recent phone call the need to end this war in Ukraine justly, honorably and forever. I have always believed India has influence in this matter and I am hoping they will use it wisely.' As I have been telling my friends in India, one of the most consequential things they could do to improve India-U.S. relations is to help President Trump end this bloodbath in Ukraine. India is the second largest purchaser of Putin's cheap oil — the proceeds of which fuel his… — Lindsey Graham (@LindseyGrahamSC) August 8, 2025 Graham also mentioned India's oil purchase from Russia. He said, 'India is the second largest buyer of Putin's cheap oil. The money received through this oil purchase helps Putin's war machine.' Why was the phone call between President Putin and PM Modi mentioned? Referring to the recent phone call between President Putin and PM Modi, Graham said, 'I hope that PM Modi in his recent phone call with Putin would have emphasized the need to accept a just, honorable and permanent resolution to this war in Ukraine. I have always believed that India has influence in this matter and I hope he will use it wisely.'

Bain Capital-backed Heartflow valued at $2.27 billion in solid Nasdaq debut
Bain Capital-backed Heartflow valued at $2.27 billion in solid Nasdaq debut

Time of India

timean hour ago

  • Time of India

Bain Capital-backed Heartflow valued at $2.27 billion in solid Nasdaq debut

Academy Empower your mind, elevate your skills Medtech firm Heartflow was valued at $2.27 billion on Friday, with its shares surging 47.4% in the Nasdaq debut , as the IPO market gathers momentum and outrides tariff shares opened at $28 and went as high as $31.5, signaling robust investor appetite for companies leveraging artificial intelligence for sold about 16.67 million shares at $19 each in its IPO on Thursday, raising $316.7 Bain Capital-backed company's debut comes as expectations of a softer trade policy and lower interest rates boost investor sentiment , which had nosedived after U.S. tariffs in April stoked recession market sentiment reflects "nervous excitement", said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital."We saw a spike in volatility last week, but at the same time stocks (are) flying up on AI-driven earnings blowouts."Space tech startup Firefly Aerospace and design software firm Figma saw stellar first-day reactions in recent days, strengthening prospects for tech-focused companies to go first-day pop could help boost market perception for other medtechs, which often rely on vast research and development expenditure, with clinical testing further pressuring the bottom Bionics and Kestra Medical had solid debuts earlier this year, but are now trading below their IPO price, like most medtech IPOs of the past year."If investors keep losing, they just won't show up and companies will struggle to raise IPO funding," Kennedy added, referring to underwhelming post-listing performance from several medtech IPOs in the past in 2007, Heartflow helps physicians diagnose and treat heart AI-enabled products can create a personalized 3D model of a patient's heart via a single specialized company's revenue rose 39% in the quarter ended March 31 from a year ago. Its losses, however, widened 55% to $32.35 million during the same period.

'As the only Indian-America megadonor to Republican Party': Venture capitalist says she can help New Delhi with what's going on in Trump's mind
'As the only Indian-America megadonor to Republican Party': Venture capitalist says she can help New Delhi with what's going on in Trump's mind

Time of India

timean hour ago

  • Time of India

'As the only Indian-America megadonor to Republican Party': Venture capitalist says she can help New Delhi with what's going on in Trump's mind

Indian-American megadonor to Republican Party comments on tariff war. Indian-origin American venture capitalist Asha Jadeja Motwani said as the only Indian-American megadonor to the Republican Party, she has somewhat of an idea of what's going on in President Donald Trump 's mind -- on the tariff front. Motwani said she may not be accurate but she would be close. "The only Indian American megadonor to the Republican Party is me. I strongly recommend that the Indian side reach out to me for my opinion on what's going on in Trump's mind. I may not be accurate, but I will be close," the Indian-American entrepreneur, investor posted on X. In an appeal to President Trump, the investor said all other Asian countries that the US struck a deal with have also got deals with China and the EU, except India. India's massive market is available to the US solely, and India is also a peace-builder between Russia and Ukraine. "We must pull all stops and support its actions as a peacemaker. Everything else is noise right need to connect with prime Minister Modi and make sure that he has no domestic pressure to make any move towards China. He has been a steadfast friend of the United States… the time to act is now," Motwani wrote. Motwani added that maybe she will thank Trump on behalf of India for the US's role in the India-Pakistan tension. "After President Trump brokered a peace deal between Armenia and Azerbaijan today and the way he sat between both the leaders and held their hands tells me that peace is close to his heart. This is one thing that he means genuinely. If he gets a Nobel prize for this, more power to him. He's working tirelessly even on the Russia and Ukraine peace," Motwani added, noting that Trump authorized both JD Vance and Marco Rubio to call both India and Pakistan.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store