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.
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But the Russians know Ukraine is ploughing huge resources into producing its own missiles and other weapons and are trying to destroy any locations they identify where those are being developed or manufactured. Mr Sak said: 'We try to be as quiet as possible about the locations of our defence industry. Where possible, we have relaunched existing facilities that have been idle for the last 20-plus years and, in other cases, we are building new facilities. All this is kept confidential because the Russians are targeting our defence industry enterprises.' Much of Ukraine's defence production has been split up, so that three or four smaller, concealed sites replicate the same weapons system and, if one is hit, overall production continues. The Independent visited one such facility in western Ukraine on condition that no details were published that would allow its location to be identified. Concealed within a sprawling, somewhat dilapidated, Soviet-era industrial zone, the facility produces BTR-4E 'Bucephalus' armoured personnel carriers. The eight-wheeled Ukrainian design went into production in 2012. Until 2022, it was produced at a large plant in the east Ukrainian city of Kharkiv, targeted by Russia early in the full-scale war. The owner of the plant, calling himself Andriy for this article, is a former soldier who has himself seen action against the invading Russian forces. His factory previously produced heavy precision machinery and engine parts and converted to weapons manufacture in early 2024 to become one of three concealed facilities scattered across Ukraine producing Bucephalus APCs. Speaking with the glow of the plant's foundry behind him, Andriy said: 'We cast and produce almost everything for the construction of the APC, hull, turret, wheels, axles. The engines are brought in from Germany and the weapons are fitted elsewhere. We produce four per month and plan to increase that number.' In addition to the 300 plant employees, inspectors working for the Ukrainian defence ministry, minutely scrutinise each component produced there. The concealed sites are protected by air defences to counter Russian missiles and drones. Such secret weapons production sites are keenly sought out by Russian spies and informers on the ground and by satellite surveillance, and Andriy has security guards and equipment watching the perimeter of the plant. 'But mostly we rely on trust,' he explained. 'That people who live in the same community and know each other will not betray each other or their country.'
