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Sanctions-hit refiner Nayara in talks with India govt to sustain operations
The private refiner, majority-owned by Russian companies including Rosneft, was sanctioned by the EU last month as part of a package targeting entities linked to Russian oil.
The private company sells about 70% of its refined fuels in India through more than 6,600 retail outlets, it said in a Delhi court filing.
Nayara is supplying fuels to its retail stations through coastal, rail, and road networks, it said.
"Our retail fuel stations continue to operate as usual while we diligently work to ensure uninterrupted fuel supplies across India," it said.
The sanctions forced Nayara to cut output at its Vadinar refinery on the West Coast to 70%-80% and hit its exports.
Its former chief executives resigned and shippers backed out from local movement of its refined fuels.
The company is operating the refinery at a "healthy run rate" and is supplying fuels, it said. Nayara has not specified at what rate its refinery is operating.
Nayara has sought help from India's shipping ministry to get vessels for the movement of its refined fuels, a government source said on Thursday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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