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Business Standard
3 hours ago
- Business
- Business Standard
Indian shipowners urge Nayara to end vessel charters after EU sanctions
At least three India-based shipowners have asked Nayara Energy to terminate their ongoing vessel charter agreements following recent European Union (EU) sanctions against the refiner, according to a Reuters report. The companies are said to be seeking a way out of their contracts amid rising concerns over possible exposure to regulatory risk. Nayara Energy, which is significantly owned by Russian entities including Rosneft, has come under renewed scrutiny after being targeted by EU sanctions earlier this month for its ties to Russia's oil trade. The shipowners' move reflects growing caution in the Indian shipping industry over associating with sanctioned entities. It is important to mention that there is no direct legal obligation under Indian law to comply with European sanctions. Legal battle with Microsoft The development comes after Nayara filed a petition in the Delhi High Court against Microsoft, alleging that the US-based technology firm had abruptly cut off access to its licensed digital services without prior warning or discussion. 'Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products -- despite these being acquired under fully paid-up licences,' the company said in a statement. Nayara described the action as unilateral and taken 'under the guise of compliance,' arguing that Microsoft has no obligation under US or Indian law to enforce EU sanctions. According to Reuters, the software giant suspended Nayara's access to essential communication and collaboration platforms --including email and Microsoft Teams -- last Tuesday (July 22). The disruption has reportedly affected internal operations and communication across the company. Nayara's petition seeks an interim injunction and immediate restoration of services. 'This action has been taken unilaterally, without prior notice, consultation or recourse,' the company said, adding that it was a direct violation of its rights as a paying customer. 'Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licences,' the company said in a statement. Nayara said the abrupt suspension—affecting tools such as email and Teams—was taken without consultation and described the action as being carried out 'under the guise of compliance.' The company is now seeking a court injunction to restore access. Emphasis on growth Despite mounting challenges, Nayara has underscored its strategic importance to India's fuel and energy sector. The company contributes approximately 8 per cent of the country's total refining capacity and operates about 7 per cent of India's retail fuel outlets. It is also in the process of developing nearly 8 per cent of the nation's polypropylene production capacity. In a statement, Nayara reiterated its commitment to ensuring uninterrupted fuel supply across the country. Guided by the philosophy 'In India, for India,' the company's focus remains largely on domestic operations, including sales through retail stations, supply to institutional clients, and collaborations with other oil marketing firms. Nayara is also expanding its footprint in petrochemicals and clean energy, supporting employment generation and long-term industrial growth.
Fashion Value Chain
5 hours ago
- General
- Fashion Value Chain
Anant National University and Penn GSE Host ICERM 2025 to Develop India-based Indigenous Research Project
Anant National University, in collaboration with the Graduate School of Education at the University of Pennsylvania, United States (also known as Penn GSE), hosted the Indigenous Consciousness Education Research Methodology Convening on 25-26 July 2025 at the Anant campus. The convening brought together leading scholars, education policy experts and practitioners to explore Indigenous Consciousness research methodologies, establishing the foundation for an India-based research project – Indigenous Consciousness Methodology Education Research Project (ICER). Anant National University & Penn GSE Host ICERM 2025 to Develop India-based Indigenous Research Project The convening marked a significant step in advancing Indigenous Consciousness Methodologies, an approach that honours local knowledge systems, prioritises community-engaged practices and fosters sustainable, equitable educational frameworks. Through ICER, set to be launched for the academic year 2025-2026, Anant aims to inform the design and development of education policy by ensuring that Indigenous perspectives remain central to shaping impactful and culturally responsive learning models. This initiative is closely aligned with the vision outlined in India's National Education Policy (NEP) 2020, which advocates for inclusive, locally grounded education models that preserve and promote indigenous knowledge systems. Launching the convening, Dr Sanjeev Vidyarthi, Provost, Anant National University, observed, 'Anant National University is a diverse and dynamic institution on the move where creative ideas evolve into purposeful action and where students learn to lead meaningful change in our rapidly changing world. Indigenous knowledge forms an integral part of our design pedagogy, and this convening perfectly aligns with our educational philosophy that integrates indigenous knowledge and contemporary design practices.' Dr Leland S McGee, Adjunct Assistant Professor, Penn GSE and Senior Associate Director,GSE Office of Student Success, University of Pennsylvania and a SCoPE Scholar at Anant National University, said, 'Indigenous knowledge systems are often associated with only the tribal communities. However, they form an integral part of the traditional knowledge of countless communities across the world. Through this convening, we aim to explore how indigenous knowledge and its impact can help us better design education, policy and systems for the betterment of future generations.' 'The intent of the convening was to interrogate, expose and undo the dangers and desires of colonisation in education through indigenous consciousness. We focused on bringing all the stakeholders of education into conversation, including policy-makers, teachers, researchers and students. Collectively, we aspire to contribute to creating an educational framework that listens deeply, acts justly and honours all,' added Dr Diti Vyas, Associate Professor | School of Creative Practices and Entrepreneurship (SCoPE), Anant National University. The convening advances Anant's collaboration with Penn GSE, expanding efforts in global education innovation. Anant and Penn GSE previously hosted The Future of Learning Collaborative in 2023, which led to the launch of an influential White Paper as an urgent call to redesign the global education system in response to sweeping changes that are reshaping human existence. Through the ongoing partnership, the two universities foster cooperative research, facilitate international exchanges, enhance the quality of learning, extend the reach of both institutions and collaborate on the exchange of academic materials and initiatives that advance matters of mutual academic interests. A leading Ivy League institution, the University of Pennsylvania Graduate School of Education (Penn GSE) has a century-long tradition of producing education leaders driven by innovation, research and social impact. Penn GSE actively partners with schools, universities and communities around the world to improve educational access and equity. As part of its mission to promote global engagement in all its forms, the University of Pennsylvania, through Penn Global, administers a competitive global engagement grant programme. This initiative provides resources to faculty and staff to support a broad range of research, teaching, service and engagement activities both globally and in specific focus countries and regions. With this convening, Anant has taken another major step toward equitably inclusive education, ensuring that Indigenous knowledge systems receive due recognition and representation in research and policy discourse. This effort reinforces Anant's vision to drive innovative, locally relevant education methodologies and materials rooted in India's vibrant local cultures, regional diversities and national aspirations. About Anant National University Anant National University, India's premier design university, is dedicated to training students to devise solutions for global problems. The X in Design X is the symbol drawn from mathematics, representing enhancement. This new learning approach multiplies traditional design pedagogy with liberal arts disciplines, emerging technologies and knowledge drawn from hands-on community experiences to help understand our world better and to devise impactful solutions. Our multidisciplinary undergraduate, postgraduate and doctoral programmes in design, architecture, climate action and visual arts harness knowledge from various disciplines and traditional practices to integrate it with cutting-edge technology to address diverse challenges. We train our designers to become solutionaries – revolutionary thinkers with a solution-oriented mindset. Anant National University has been recognised as the Centre of Excellence by the Government of Gujarat, highlighting our efforts to provide our students with world-class education, innovative pedagogy, high employability and enhanced entrepreneurial and research opportunities. Anant has also received the prestigious '5-Star Rating' in the category of Architecture and a '4-Star Rating' in the University category in the Gujarat State Institutional Rating Framework (GSIRF) 2023-24. These recognitions reinforce our commitment to creating a world-class institution of great eminence and excellence.
Yahoo
5 hours ago
- Business
- Yahoo
Exclusive-Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
By Nidhi Verma and Mohi Narayan NEW DELHI (Reuters) -The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said. The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. 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. Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
Reuters
5 hours ago
- Business
- Reuters
Exclusive: Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
NEW DELHI, July 29 (Reuters) - The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said. The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. 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. Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
Time of India
5 hours ago
- Business
- Time of India
Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers , citing concerns over the sanctions, five of the sources said. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Data Science Product Management Degree Cybersecurity Design Thinking Public Policy Project Management Data Science Technology CXO Digital Marketing healthcare Leadership Others PGDM Artificial Intelligence Operations Management others MBA MCA Data Analytics Management Finance 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 medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This New Barefoot Shoe is Game Changer for Seniors Barefoot Vitality Undo The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Live Events Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. 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. Nayara, majority-owned by Russian entities including oil major Rosneft , exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
