logo
Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources

Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources

Reuters23-07-2025
NEW DELHI, July 23 (Reuters) - Russia-backed Indian refiner Nayara Energy, sanctioned by the European Union, did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday.
This is the first case of the private refiner skipping the award of a tender since the European bloc released its 18th package of sanctions last week, which included Nayara Energy, part-owned by Rosneft (ROSN.MM), opens new tab.
Nayara, which operates a 400,000 barrels-per-day refinery in western Gujarat state, had revised the terms and sought advance payment or a letter of credit for sale of the 33,000–35,000 metric ton cargo scheduled for August 14-18 loading.
The tender closed on Monday.
Nayara did not immediately respond to Reuters' emails seeking comment.
A tanker chartered by energy major BP left a port run by Nayara Energy without loading, a sign fresh European Union curbs on Russia are beginning to bite.
Nayara has condemned the EU's decision to impose sanctions on the company as "unjust and unilateral".
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China's crackdown on lavish civil servant perks will ‘harm' the economy, experts warn
China's crackdown on lavish civil servant perks will ‘harm' the economy, experts warn

The Guardian

time2 hours ago

  • The Guardian

China's crackdown on lavish civil servant perks will ‘harm' the economy, experts warn

Adjacent to a municipal government building in Beijing, a normally bustling restaurant is now eerily quiet, at lunchtime most of its seats are empty. The recent crackdown on civil servants frequenting restaurants – part of a government austerity drive intended to crack down on corruption – has likely affected business and caused liquor sales to plummet, admits one waitress who works in the opulent establishment. In May, China released updated regulations aimed at Communist party members and civil servants, banning them from lavish banquets and other visible trappings of extravagance. But with more than 40 million people employed in the public sector, some analysts predict the new rules will probably hamper economic growth. The policy is 'undermining the impact of other policies aimed at boosting domestic spending,' said Guo Shan, an economist at Hutong Research, an independent advisory firm based in Beijing and Shanghai. Guo predicts the drive could cause China's retail sales growth to slow by around one percentage point in the second half of the year. The original guidelines were introduced in November 2013, a year after China's leader, Xi Jinping, came into power, with the goal of cracking down on corruption one of his signature policies. The renewed regulations outline more specific guidelines on official travel – both domestic and international – as well as protocols for hosting receptions and rules governing the use of official vehicles. In June, local governments began figuring out how to implement the new guidance. Some civil servants in Shandong province have been reportedly ordered not to dine out in groups of more than three. Cadres in Anhui provinces have been instructed to be wary of social gatherings and to refrain from treating bosses or underlings to meals. The renewed push hints that previous anti-corruption drives were not completely effective, while the latest effort could cast a shadow over the Chinese economy, say analysts. 'The latest anti-corruption drive will definitely harm the economy,' said Alfred Wu, a public policy expert at the National University of Singapore. There have already been reports of penalties for civil servants who overindulge. In June, two bank employees in Anhui province had their 3,000 yuan (£310) bonuses docked for attending a lunch paid for by a client. The lunch in question was a bowl of noodles that typically costs around six yuan in the local town. Baijiu – China's national liquor with an alcohol content comparable to vodka – has long been a popular choice among Chinese officials. But the spirit has come under renewed scrutiny after the recent deaths of three local officials in separate provinces, who died of alcohol poisoning. Among the hardest-hit in the liquor industry is Kweichow Moutai– one of China's most iconic and valuable brands. Known for its distinctive soy sauce-aroma style of baijiu, the brand has long been associated with official banquets. Since the revised regulations were introduced in May, the company's share price has dropped nearly 9%, wiping out more than 170 billion yuan in market value by the end of July. The intensifying restrictions reflect a broader campaign to regulate the daily lives of civil servants. As the government grows increasingly concerned about national security, controls that previously only applied to senior bureaucrats who might have access to sensitive information, such as restrictions on international travel, now seem to be spreading lower down the ranks. An online notice circulating on Chinese social media platform Weibo – reportedly from Guangdong Province – outlines new requirements for teachers' overseas travel, even if they are travelling for their own holidays. It states that even junior personnel must now apply for permission for trips abroad, specifying that 'foreign visits are exclusively for family-related purposes; personal leisure travel is not permitted.' In other regions, public sector workers must hand in their passports. 'I really don't understand why our county won't allow ordinary teachers to travel abroad. My parents were already at the immigration office, but they weren't allowed to apply for passports,' wrote one Weibo user, who said that their parents were teachers. Guo, the Hutong Research economist, said that Beijing was likely willing to bear the economic pain caused by the austerity policy. 'Since this is a political drive, economic concerns are secondary. And there are still many other tools to boost the economy should Beijing decide to do so,' Guo said.

Dollar slips as investors eye September Fed cut
Dollar slips as investors eye September Fed cut

Reuters

time2 hours ago

  • Reuters

Dollar slips as investors eye September Fed cut

SINGAPORE, Aug 13 (Reuters) - The dollar weakened on Wednesday after a tame reading on U.S. inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump's attempts to extend his grip over U.S. institutions also undermining the currency. U.S. consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump's sweeping tariffs to goods prices has so far been limited. Investors eyeing imminent Fed cuts cheered the data and moved to price in a 98% chance the central bank would ease rates next month, which in turn dragged on the dollar. Against the yen , the dollar was last 0.05% lower at 147.76, while the euro was steady at $1.1676, having risen 0.5% in the previous session. The dollar index last stood at 98.08, after falling roughly 0.5% on Tuesday. "The July CPI report showed less evidence of tariff pass-through to consumer prices...(but) I think a September rate cut is less than certain, probably not as certain as current market pricing," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "As the last payroll shows, one report can be sufficient to move the policy debate to one side or another. So I think we still have to wait until the remaining data to print before making a strong case about a rate cut or an on hold decision." U.S. Treasury yields similarly fell on the heightened rate cut expectations, with the two-year yield last at 3.7371%, having swung in a range of nearly 10 basis points on Tuesday. The benchmark 10-year yield was little changed at 4.2965%. Also eroding investor confidence in the dollar were fresh attempts by Trump to undermine Fed independence, after White House spokeswoman Karoline Leavitt said on Tuesday that the U.S. president was considering a lawsuit against Fed Chair Jerome Powell in relation to his management of renovations at the central bank's Washington headquarters. Trump has been at loggerheads with Powell and has repeatedly lambasted the Fed Chair for not easing rates sooner. The president also hit out at Goldman Sachs (GS.N), opens new tab CEO David Solomon, saying the bank had been wrong to predict U.S. tariffs would hurt the economy and questioned whether Solomon should lead the Wall Street institution. Elsewhere, sterling gained 0.03% to $1.3504. Britain's jobs market weakened again though wage growth stayed strong, according to data on Tuesday, underscoring why the Bank of England is so cautious about cutting interest rates. "(The) UK jobs figures pointed to the labour market remaining in fragile shape," said Michael Brown, senior research strategist at Pepperstone. "My base case still has the next 25bp cut pencilled in for November, though there is a long way to go, and a lot of data to come, before then." In other currencies, the Australian dollar dipped 0.05% to $0.6526, while the New Zealand dollar fell 0.03% to $0.5953. The Reserve Bank of Australia on Tuesday cut interest rates as expected, and signalled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum.

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