Latest news with #EU-sanctioned
Business Recorder
a day ago
- Business
- Business Recorder
Indian refiner Nayara trims crude runs in wake of EU sanctions, sources say
NEW DELHI: Russia-backed Indian refiner Nayara Energy has reduced operations at its 400,000-barrel-per-day refinery in the aftermath of new European Union sanctions that targeted the firm, five sources familiar with the matter said. Privately-held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd. The sanctions package unveiled on July 18 against Russia and its energy sector has made it tougher for Nayara to export its refined products, resulting in storage constraints, two of the sources said. Since the EU curbs on Nayara, traders have grown cautious in dealing with its fuel, trade and industry sources say. Last week, Reuters reported that at least two tankers skipped planned loadings at Vadinar while a tanker carrying a cargo of Russian crude was diverted away from the refiner. One source said Nayara was operating the refinery at 70% of capacity, while another put the figure at 80%. EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage Nayara ran at more than 100% of its nameplate capacity in each of the three months through June, the most recent government data shows. All the sources sought anonymity because they were not authorised to speak to the media. Nayara did not immediately respond to a request for comment. Nayara typically exports at least four million barrels of refined products each month, including diesel, jet fuel, gasoline and naphtha, through traders. India has become the biggest buyer of seaborne Russian crude in the aftermath of Moscow's Ukraine invasion. Nayara, majority-owned by Russian entities including Rosneft, is a key buyer of Russian oil. Nayara's chief executive resigned after the sanctions and was replaced by Sergey Denisov, who had been its chief development officer, Reuters reported on Friday. On Monday, Nayara said it filed legal proceedings against U.S. software giant Microsoft following its suspension of services to the refiner. Nayara, based in the commercial capital of Mumbai, operates more than 6,000 fuel stations.
Business Recorder
2 days ago
- Business
- Business Recorder
India's JK Paper reports decline in first-quarter profit on higher costs
Indian paper and packaging board maker JK Paper reported an eighth straight quarter of a decline in profit on Monday and said it would acquire a 72% stake in private peer Borkar Packaging for 2.35 billion rupees. Domestic paper manufacturers have been facing a double whammy of higher wood prices — a key raw material — and lower-priced imports in recent quarters. JK Paper's consolidated net profit fell nearly 42% year-on-year to 812.3 million rupees ($9.4 million) for the quarter ended June 30. The core business 'continued to face headwinds from cheap imports resulting in depressed sales realization and ongoing high domestic wood prices', said Managing Director Harsh Singhania. Net revenue from operations declined 2.3% to 16.74 billion rupees, while raw material costs rose 9.2%. EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage Following appeals from the industry, India launched anti-dumping probes into imports of paperboard — used in packaging of products such as consumer goods, pharmaceuticals and electronics — from Indonesia, Chile and China. Separately, JK Paper said the acquisition of Borkar — which supplies to consumer conglomerates such as Unilever and Nestle — will help it emerge among the top three players in the folding cartons segment of packaging. Borkar has factories in eight locations across India.
Business Recorder
6 days ago
- Business
- Business Recorder
Tanker with Russian oil for sanctions-hit Nayara Energy diverts to another Indian port, sources say
NEW DELHI: An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port, according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. It was not immediately clear why the cargo was not unloaded at Vadinar. Russia-backed Indian refiner condemns EU curbs The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Mittal Energy Investments, the sources said. HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.
Time of India
6 days ago
- Business
- Time of India
Tanker with Russian oil for sanctions-hit Nayara Energy diverts to another Indian port, sources say
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy 's Vadinar port to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Digital Marketing Others Product Management Public Policy PGDM Cybersecurity Data Science MCA Design Thinking Leadership Finance Artificial Intelligence Degree Project Management Data Science Data Analytics Management CXO MBA Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port , according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Struggling With Belly Fat? Try This at Home Home Fitness Hack Shop Now Undo It was not immediately clear why the cargo was not unloaded at Vadinar. The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Mittal Energy Investments, the sources said. Live Events HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.
Indian Express
09-05-2025
- Politics
- Indian Express
German legislator's concealed meeting with Putin confidants sparks security concerns
German legislators are demanding an explanation from a senior Social Democrat on the parliamentary committee that scrutinises the work of the intelligence services after he held undisclosed talks with close associates of Russia's president. Ralf Stegner, a member of the Bundestag's Parliamentary Control Committee, was among politicians from the SPD and Chancellor Friedrich Merz's conservatives who took part in the April meeting in Baku. Among those they met on April 13 in the Azerbaijan capital was former Russian Prime Minister Viktor Subkov, head of Gazprom's supervisory board, and Valery Fadeyev, EU-sanctioned chair of Russia's human rights council. On both sides, the participants were former members of the Petersburger Dialogue, a forum founded in 2001 by Russian President Vladimir Putin and then-Chancellor Gerhard Schroeder. The forum was officially disbanded in 2021 after Russia's crackdown on several participating civil society organisations. Four German participants – Stegner, Ronald Pofalla – who once led former Chancellor Angela Merkel's office – and two former regional ministers – confirmed in a statement to Reuters that they had been at a 'private' event in Baku. 'Talking even in difficult times of growing tension is a fundamental principle of good foreign policy,' they wrote, adding that the 'confidential' meeting was not secret, and none of them had a public mandate to be there or had been paid for their presence. The meeting, first reported by ARD public television and newspaper Die Zeit, took place at a time when Russia's ties with the EU are in a deep freeze over its invasion of Ukraine. The timing raised questions over the apparent willingness of some politicians to seek rapprochement even as Moscow wages war on a German ally. In Stegner's case, critics also raised security concerns: Members of the parliamentary control committee have privileged, confidential access to the work of Germany's foreign and domestic security services, both of them heavily involved in gathering intelligence relating to Russia and the war. 'This is a quite impossible and irritating development that must immediately be cleared up,' Konstantin von Notz, the Green chair of the committee, told Der Spiegel. Roderich Kiesewetter, a conservative member of the committee, said Stegner should explain himself, while liberal European legislator Marie-Agnes Strack-Zimmermann said Stegner should not be nominated for a new term on the committee. 'People in such a key role have to be above all suspicion,' she told Funke newspapers. 'That is not the case for him.'
