Latest news with #Jaiswal


Mint
a day ago
- Business
- Mint
Why did EU sanction Nayara Energy's Vadinar refinery in Gujarat? What we know so far
Nayara Energy's Vadinar oil refinery in Gujarat, India, has been hit by sanctions as the European Union (EU) unveiled new punitive measures targeting the Russian energy sector. The fresh restrictions drew a harsh response from India, which called for ending double standards in energy trade. Here's all you need to know about EU sanctions on Nayara Energy's oil refinery in Gujarat: The new EU sanctions include a lower oil price cap, the designation of the "biggest Rosneft refinery in India", and measures aimed at 105 more shadow fleet ships. "Full-fledged sanctions target Russian and international companies managing shadow fleet vessels, traders of Russian crude oil and a major customer of the shadow fleet – a refinery in India with Rosneft as its main shareholder," the EU was quoted by PTI as saying. The EU was referring to Nayara Energy's Vadinar refinery in Gujarat. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing Russia's oil and energy sector's revenues. The measures also included reducing the oil price cap from $60 to about $48 a barrel. They also introduced an import ban on refined petroleum products made from Russian crude oil and coming from any third country—with the exception of Canada, Norway, Switzerland, the United Kingdom, and the United States. According to Reuters, Russian energy giant Rosneft has a 49.13 percent stake in Nayara Energy's Vadinar refinery in Gujarat. The ownership of Nayara is currently split between Rosneft and SPV Kesani Enterprises Co. Ltd., an investment consortium. The remaining shares are held by retail investors. Nayara operates a 400,000-barrels-per-day refinery and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. Hours after the EU announced the new measures, India said there should be "no double standards", especially when it comes to energy trade. "India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations," External Affairs Ministry spokesperson Randhir Jaiswal said. "The government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," he said. Jaiswal also said, "We would stress that there should be no double standards, especially when it comes to energy trade." Russian energy giant Rosneft's plan to sell its stake in India-based Nayara Energy Ltd. may be imperiled by fresh restrictions from the European Union. According to Bloomberg, Rosneft held talks with Reliance Industries Ltd., owned by billionaire Mukesh Ambani, for a possible stake sale in Nayara. However, the sanctions will make it difficult for Reliance to buy a stake in its competitor as it might jeopardise the company's business in Europe, a region that regularly imports Indian fuels including diesel. Reliance Jamnagar processor, the world's largest refining complex, is within a few kilometers of Nayara's Vadinar unit. Rosneft has been keen to exit its India venture as the company hasn't been able to repatriate its earnings due to the sanctions, according to local media reports. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making about half of the overall purchases from Moscow. As per data cited by Reuters, India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago. Russia continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates, the data showed. In case Russian supplies are hit, Indian Oil Corp will "go back to the same template [of supplies] as was used pre-Ukraine crisis when Russian supplies to India were below 2%," company Chairman A.S. Sahney told reporters at the event. Oil Minister Hardeep Singh Puri said on Thursday that India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. Earlier this week, US President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days. "I'm not worried at all. If something happens, we'll deal with it," Puri said at an industry event in New Delhi. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said.


Scroll.in
a day ago
- Business
- Scroll.in
India does not subscribe to unilateral measures, says MEA on fresh European sanctions on Russia
India does not subscribe to unilateral measures, the Ministry of External Affairs said on Friday following fresh sanctions imposed by the European Union on Russia. The new sanctions included an entity based in India. 'We are a responsible actor and remain fully committed to our legal obligations,' Spokesperson Randhir Jaiswal said. Jaiswal said that New Delhi considers the provision of energy security 'a responsibility of paramount importance to meet the basic needs of its citizens'. 'We would stress that there should be no double standards, especially when it comes to energy trade,' the ministry said. Russia invaded Ukraine in February 2022, which triggered the deadliest conflict in Europe since World War II. The European Union, among others in the West, have imposed sanctions on Russian businesses and exports to force Moscow to negotiate a peace deal with Kyiv. Earlier on Friday, the European Union announced its 18th package of sanctions that included measures mainly aimed at blocking the revenues of Russia's energy sector. The sanctions targeted Russian and foreign companies managing shadow shipping fleets, traders of Russian crude oil and a 'major customer' of the shadow fleet. The customer was a refinery in India with Russian state-owned energy company Rosneft as its main shareholder, said Kaja Kallas, the chairperson of the EU's Foreign Affairs Council.


The Print
a day ago
- Business
- The Print
There should be no double standards on energy trade: India on EU sanctions targeting Russian energy sector
The measures also included reduction of the oil price cap from USD 60 to about USD 48 a barrel and the designation of the Vadinar Refinery, in which Russian energy firm Rosneft has a major stake. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. New Delhi, Jul 18 (PTI) India on Friday said it does not subscribe to any unilateral sanctions and called for ending double standards in energy trade after the European Union (EU) unveiled new punitive measures targeting the Russian energy sector that included restrictions on the Vadinar refinery in Gujarat. Hours after the EU announced the new measures, India said there should be 'no double standards', especially when it comes to energy trade. 'India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations,' External Affairs Ministry spokesperson Randhir Jaiswal said. 'The government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens,' he said. Jaiswal also said, 'We would stress that there should be no double standards, especially when it comes to energy trade.' The EU's foreign and security policy chief Kaja Kallas said on social media that the bloc had approved 'one of its strongest sanctions packages against Russia to date'. The new sanctions include a lower oil price cap, the designation of the 'biggest Rosneft refinery in India', and measures aimed at 105 more shadow fleet ships. 'Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war,' Kallas said. A statement by the EU said it was agreed on a significant set of 55 listings, consisting of 14 individuals and 41 entities responsible for actions 'undermining or threatening' the territorial integrity, sovereignty and independence of Ukraine. 'The EU is lowering the price cap for crude oil from USD 60 to USD 47.6 per barrel, to align it with current global oil prices and is introducing an automatic and dynamic mechanism to modify the oil price cap and ensure that this price cap is effective,' the bloc said. It said oil exports still represent one-third of the Russian government's revenues. 'Full-fledged sanctions target Russian and international companies managing shadow fleet vessels, traders of Russian crude oil and a major customer of the shadow fleet — a refinery in India with Rosneft as its main shareholder,' the EU said. The EU was referring to Nayara Energy's Vadinar refinery in Gujarat. Russian energy giant Rosneft has a 49.13 per cent stake in the refinery. 'For the first time, the EU is also listing the captain of a shadow fleet vessel, as well as a private operator of an international flag registry. Lastly, one entity in the Russian LNG sector is also included in today's listings,' the EU said. It also introduced an import ban on refined petroleum products made from Russian crude oil and coming from any third country — with the exception of Canada, Norway, Switzerland, the United Kingdom and the United States. PTI MPB NSD NSD This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.


News18
a day ago
- News18
Bengal CID arrest three from Gujarat for duping Siliguri man
Kolkata, Jul 18 (PTI) West Bengal CID has arrested three persons from Gujarat for their alleged involvement in duping a Siliguri-based man of several lakhs in the pretext of giving him a higher return, an officer said on Friday. All three persons were arrested in Surat on Wednesday by a team of state CID after the victim Rajesh Jaiswal lodged a complaint of losing Rs 47.5 lakh after investing the amount through an online site for higher return. 'The accused trio created a fake website and communicated with the complainant through WhatsApp using virtual numbers of different countries. They managed to convince Jaiswal to invest the money by making false promises of higher returns," the officer said.. The three are being brought to West Bengal on transit remand, he said, adding they will be produced before the ACJM Siliguri Court. PTI SCH RG Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.


India Today
a day ago
- Business
- India Today
No double standards: India slams EU sanctions targeting Gujarat refinery
India on Friday strongly criticised the European Union's latest sanctions package against Russia, which includes measures targeting an Indian-based Rosneft-linked oil refinery in Gujarat. The Ministry of External Affairs (MEA) rejected the EU's unilateral move, reaffirming that India does not recognise sanctions imposed outside the United Nations EU's 14th sanctions package, aimed at further restricting Russia's revenues amid its war in Ukraine, includes tighter banking rules, measures on shadow fleet shipping, a lower oil price cap, and, for the first time, sanctions affecting infrastructure located in India. advertisementSpecifically, the sanctions target Nayara Energy's 20-million-tonne-per-year refinery in Gujarat's Vadinar, where Russian energy firm Rosneft holds a 49.13 per cent stake. 'We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations,' said MEA Spokesperson Randhir Jaiswal in a 'unilateral sanctions' by the EU could block Nayara from exporting refined products such as diesel and petrol to European nations. Responding to this, India underscored its right to energy access and reiterated its long-standing position on energy sovereignty.'The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade,' Jaiswal EU sanctions also lower the crude oil price cap, currently at USD 60 per barrel, which may unintentionally allow India, the world's second-largest buyer of Russian oil, to access Russian crude at even lower prices.- EndsMust Watch