India's Nayara tweaks payment terms for product export tender after EU sanctions
The tweak in payment terms comes after the European bloc released on Friday its 18th package of sanctions which included Nayara Energy. Rosneft, Russia's biggest oil producer, said on Sunday the sanctions were unjustified and illegal.
Nayara sought advance payment or a letter of credit from the potential buyer for the 33,000-35,000-metric ton naphtha cargo to load during August 14 to 18, the document showed.
The tender will close on Monday with bids valid on the same day.
The company also issued a jet fuel sale tender on Friday, but it remains unclear if it was awarded as the company was looking to change payment terms, a trader familiar with the matter said. Nayara has yet to reissue the tender, the source added.
Nayara did not immediately respond to a Reuters email seeking comment.
Rosneft holds a 49.13% stake in Nayara Energy and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
Exclusive: CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say
NEW DELHI, July 25 (Reuters) - Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday. Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov's appointment was decided at a board meeting on Wednesday, they said. Nayara Energy, partly owned by Russian oil major Rosneft ( opens new tab, did not immediately respond to a request for comment. Des Dorides, who joined Nayara Energy in April 2024, did not immediately respond to a message sent on LinkedIn. Denisov has been with the company since 2017. Nayara Energy has condemned the EU's "unjust and unilateral" decision to impose sanctions. India has also said it does not support the bloc's sanctions.
Reuters
7 hours ago
- Reuters
India's equity benchmarks fall, dragged down by Bajaj Finance
July 25 (Reuters) - India's equity benchmarks fell in early trade on Friday, dragged down by Bajaj Finance on asset quality concerns, while investors weighed the newly signed trade pact with Britain that will cut tariffs on goods ranging from textiles to whisky and cars. The Nifty 50 (.NSEI), opens new tab fell 0.53% to 24,930.9 points and the BSE Sensex (.BSESN), opens new tab lost 0.45% to 81,807.28 as of 9:55 a.m. IST. Thirteen of the 16 major sectors logged losses. The broader small-cap (.NIFSMCP100), opens new tab and mid-cap (.NIFMDCP100), opens new tab indexes fell 0.8% and 0.5%, respectively. Bajaj Finance ( opens new tab dropped 5% as multiple brokerages flagged asset-quality stress in the MSME segment, despite the non-bank lender reporting a profit beat in the June quarter. It was the top decliner on the Nifty 50. Nestle India ( opens new tab lost 1%, extending a more than 5% slip on Thursday after posting a lower quarterly profit hurt by rising costs. "Market sentiment has turned cautious due to weak earnings in Bajaj Finance, IT and consumer stocks," said Hardik Matalia, analyst at Choice Equity Broking. Meanwhile, India and Britain signed a free-trade agreement (FTA) on Thursday during Prime Minister Narendra Modi's visit to London, sealing a deal to lower tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Although the FTA should boost sentiment, the market is unlikely to see any major upside until there is clarity on U.S. trade negotiations, three analysts said. Bucking the trend, SBI Life Insurance ( opens new tab gained 2.5% after posting a higher quarterly profit driven by policy renewals. Trident ( opens new tab rose 4.7% after reporting a rise in first-quarter profit on lower expenses and on the back of the India-UK trade deal. Indian Energy Exchange ( opens new tab, which sank 30% on Thursday on fears of rising competition from new pricing rules, jumped 9%, aided by quarterly profit growth.
Reuters
8 hours ago
- Reuters
India's equity benchmarks open lower, dragged by Bajaj Finance
July 25 (Reuters) - India's equity benchmarks opened lower on Friday, dragged down by Bajaj Finance on asset quality concerns, while investors weigh a newly signed trade pact with Britain, which will cut tariffs on goods ranging from textiles to whisky and cars. The Nifty 50 (.NSEI), opens new tab fell 0.47% to 24,940.85 points and the BSE Sensex (.BSESN), opens new tab lost 0.42% to 81,829.3 as of 9:17 a.m. IST. Fifteen of the 16 major sectors declined at the open. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab fell 0.5% each. Non-bank lender Bajaj Finance ( opens new tab slid 5.1% as multiple brokerages flagged asset quality stress in the MSME segment after the company reported a profit beat in the June quarter. Bajaj Finance was the top Nifty 50 loser. Meanwhile, although the India-UK agreement should boost sentiment, the market is unlikely to see any major upside until there is clarity on U.S. trade negotiations, analysts said.
