Latest news with #Gujarat
Reuters
a day ago
- Business
- Reuters
Indian refiner Nayara trims crude runs in wake of EU sanctions, sources say
NEW DELHI, July 29 (Reuters) - 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%. 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 ( opens new tab, 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.
Yahoo
2 days ago
- Business
- Yahoo
Asian Energy Services secures $100m integrated service contract from Vedanta
Asian Energy Services, an integrated service provider to the energy and mining sectors, has secured an integrated service contract worth Rs8.65bn ($100m) from Vedanta. The order, which includes field development and operations and maintenance (O&M) services, will be executed over a period of 57 months. Asian Energy Services managing director Kapil Garg said: 'We are honoured to receive integrated service contract for field development and operations and maintenance (O&M) contract from Vedanta, one of our valued and long-standing client. This repeat engagement reflects the trust we have built through dependable service and a strong focus on operational excellence. 'Integrated O&M remains a core area of focus at Asian Energy Services and a key growth driver. Our ability to manage critical infrastructure safely and efficiently continues to make us a preferred partner in the energy sector. This mandate reaffirms confidence in our team's capability to consistently deliver in complex and challenging environments.' Since being acquired by Oilmax Energy Private, Asian Energy Services has expanded its business segments to enhance value across the energy and upstream oil and gas sectors, aiming to deliver long-term benefits for its investors and stakeholders, stated the company. Earlier in the month, Asian Energy Services was awarded a work order from Sun Petrochemicals for the hiring of services for 3D seismic data acquisition and processing in Gulf of Khambhat, Gujarat. The total contract value was approximately Rs460m and will be executed over a period of 12 months. Asian Energy Services offers integrated oil and gas services including 2D and 3D seismic geographical data acquisition; O&M of onshore and offshore oil and gas production facilities; and production improvement and mining services including supply and installation of material handling plants and rapid loading systems, added the company. In January, the Standing Committee of the National Board for Wildlife sanctioned Vedanta's Cairn Oil & Gas to undertake exploratory drilling in the eco-sensitive zone of Gibbon Wildlife Sanctuary in Jorhat district, Assam, India. "Asian Energy Services secures $100m integrated service contract from Vedanta" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
2 days ago
- Business
- Reuters
India's top gas importer Petronet seeks 120 billion rupee loan
NEW DELHI, July 28 (Reuters) - India's top gas importer, Petronet LNG ( opens new tab, is looking to raise a 120 billion rupee (about $1.4 billion) local currency loan to fund the expansion of a plant, its head of finance, Saurav Mitra, said in an analyst call on Monday. The company is building a petrochemical plant in India's western state of Gujarat at the cost of 206.85 billion rupees. Petronet aims to spend 300 billion rupees in the next few years, and most of that on building a petrochemical project, Mitra said. Its capital expenditure for 2026-27 would be higher than the 50 billion rupees estimated for the current fiscal year to March 2026, he said. Last week, the company's board approved setting up a 5 million tons per year LNG import terminal in the eastern state of Odisha at the cost of 63.5 billion rupees. ($1 = 86.5050 Indian rupees)
Times of Oman
3 days ago
- Automotive
- Times of Oman
Vietnamese EV maker VinFast opens first showroom in India ahead of plant inauguration
Surat : Vietnamese electric vehicle maker VinFast inaugurated its first showroom in India, in Surat, Gujarat ahead of its plant inauguration. This inauguration marks a significant milestone in the company's retail journey in the country. The outlet serves as the brand's physical touchpoint in India, underscoring VinFast's long-term commitment to establishing a strong, customer-centric electric mobility ecosystem. The dealership, 'VinFast Surat,' is promoted by Chandan Car, a leading name in India's automotive retail sector. VinFast Auto India, the Indian subsidiary, made this announcement in a statement on Sunday. Located in Piplod in Surat, the dealership will serve as a one-stop destination for VinFast's prospective buyers. Spread out on 3,000 the facility will offer product experiences, vehicle purchase journeys, and after-sales support. The Showroom will showcase VinFast's upcoming range of premium electric SUVs - VF 6 and VF 7. India is also the first market where VinFast is launching the right-hand drive version of the VF 7 and VF 6. As part of its ambitious roadmap, the company aims to launch 35 dealerships by year-end, across 27 plus cities, the statement said. VinFast officially opened pre-bookings for its premium electric SUVs, the VF 6 and VF 7 on July 15, 2025. Customers can now book their preferred VinFast premium electric SUV either at the exclusive showrooms or through the official website, with a fully refundable booking amount of Rs 21,000. The vehicles will be locally assembled at VinFast's upcoming factory in Thoothukudi, Tamil Nadu, reinforcing the company's long-term commitment to India as a strategic market and future hub for electric vehicle production. Pham Sanh Chau, CEO, VinFast Asia, said, "The first VinFast Showroom in Surat, Gujarat is a symbol of our deep commitment to India. We are excited to bring the VinFast experience closer to Indian consumers. With this dealership in Gujarat, we aim to offer not just electric vehicles, but a complete ownership journey built on quality, trust, and service excellence." "With trusted partners like Chandan Car, we are building a future-ready EV ecosystem in the country. Their proven automotive expertise, combined with VinFast's technology and vision, will help shape a premium EV experience for Indian customers." As part of its India market entry, VinFast has formed strategic partnerships with RoadGrid, myTVS, and Global Assure to establish a nationwide network for charging and after-sales services. Further reinforcing its commitment to sustainability, VinFast has also partnered with BatX Energies, a leading Indian clean-tech company, to promote battery recycling and develop a circular battery value chain. Nasdaq-listed VinFast, a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle manufacturer -- product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia.
Khaleej Times
3 days ago
- Business
- Khaleej Times
India set to contribute 20% of total global growth by 2035
India is on track to become the world's third-largest economy by 2028 and to double its gross domestic product (GDP) to $10.6 trillion by 2035, contributing 20 per cent of total global growth over the next decade, according to a new Morgan Stanley report. The bullish projection reinforces India's status as the world's fastest-growing major economy, with a combination of decentralised state-level growth, robust domestic demand, and structural policy reforms propelling its upward trajectory. A standout theme in Morgan Stanley's forecast is the rise of states as key economic engines. Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, and Karnataka are expected to be the first Indian states to each achieve a $1 trillion economy. Gujarat, Maharashtra, and Telangana are currently the top-performing states by GDP, while others like Uttar Pradesh, Madhya Pradesh, and Chhattisgarh have significantly climbed economic rankings over the past five years. This shift reflects the success of India's 'competitive federalism', where states are increasingly responsible for policy innovation, industrialisation, and urbanisation. The report highlights how India's decentralised growth model is underpinned by sub-national governance, with states implementing agile policies and infrastructure initiatives tailored to their local economies. This trend is driving industrial diversification, improving labour markets, and attracting foreign and domestic investments. Morgan Stanley also expects India to contribute 20 per cent of total global growth over the next decade. As multinationals seek alternatives to China in their supply chains, India is emerging as a compelling manufacturing destination. This shift is bolstered by the government's Production Linked Incentive (PLI) schemes, which are beginning to show results in the form of rising exports, industrial capacity utilisation, and new global partnerships in electronics, semiconductors, pharmaceuticals, and renewable energy. India's capital markets are also a major growth story. According to Bloomberg data, Indian benchmark indices have outperformed most emerging markets over the past three years, driven by resilient corporate earnings, strong domestic consumption, and continued infrastructure spending. Foreign portfolio investments have remained robust, and market confidence has been further reinforced by the stability of the financial system and policy continuity. According to the Asian Development Bank (ADB), India's GDP is forecast to grow 6.5 per cent in 2025 and 6.7 per cent in 2026, supported by strong domestic demand, a normal monsoon, and expected monetary easing. Inflation is also moderating, with the Consumer Price Index (CPI) dropping to 2.1 per cent in June 2025 — the lowest in 77 months — as food inflation turned negative. ADB projects inflation to remain within the Reserve Bank of India's target range at 3.8 per cent in 2025 and 4.0 per cent in 2026. The Confederation of Indian Industry (CII) echoes these sentiments, projecting India's real GDP growth to range between 6.4 and 6.7 per cent this fiscal year. This reinforces India's position as the world's fastest-growing major economy, even as global growth slows and other developing Asian economies face headwinds from trade policy shifts and weakened exports. While the broader Asia-Pacific region grapples with uncertainties — such as escalating US tariffs, slowing Chinese growth, and geopolitical tensions — India appears better insulated. ADB's Chief Economist Albert Park noted that although Asia faces a weakening external environment, economies that maintain open trade and strong investment fundamentals can sustain growth momentum — India being a prime example. Domestic indicators show a mixed short-term picture. ICRA estimates India's GDP growth in the first quarter of FY26 to range between 6.1 and 6.5 per cent, down from 7.4 per cent in the previous quarter. The slowdown is attributed to excessive rainfall affecting coal production and power generation in June. Rating agency ICRA's Business Activity Monitor showed a 5.9 per cent year-on-year rise in June, slightly easing from 6.4 per cent in May. However, GST e-way bill generation and railway freight remained robust. The core sector growth moderated to 1.7 per cent in June, with weak performance in crude oil, refinery products, and electricity. Passenger vehicle and two-wheeler sales also slowed, alongside some softening in rural and urban labour market indicators. However, financial conditions have eased across markets, supported by policy rate cuts and improved liquidity. Despite short-term fluctuations, ICRA maintains a full-year GDP growth forecast of 6.2 per cent for FY26, assuming a well-distributed monsoon, stable crude oil prices around $70 per barrel, and continued rural demand. Risks remain, particularly from global economic volatility, energy market fluctuations, and escalating trade tensions.
