Latest news with #NayaraEnergy
&w=3840&q=100)
Business Standard
11 hours ago
- Business
- Business Standard
Rosneft's Nayara Energy stake sale hits EU sanctions major roadblock
Rosneft's proposed sale of its stake in Nayara Energy has encountered a significant roadblock due to the European Union's latest sanctions on Russia's oil sector Dev Chatterjee Mumbai Listen to This Article The proposed sale of Russian energy giant Rosneft's 49.13 per cent stake in Nayara Energy — which operates India's largest single-location refinery at Vadinar — has run into a major obstacle following the European Union's latest sanctions targeting Russia's oil sector. Rosneft has been looking to exit the Indian venture, with reports pegging Nayara's total valuation at around $17 billion. Reliance Industries is currently seen as the frontrunner in the race to acquire the stake. However, the EU's additional sanctions package, announced last week in response to Russia's invasion of Ukraine, includes Nayara Energy among the entities targeted due to
Time of India
14 hours ago
- Business
- Time of India
New EU Russia curbs may bolster Indian oil refiners' reliance on traders
Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions, traders and industry sources said. Russia is India's top oil supplier, and refiners such as Reliance Industries and Nayara Energy have benefited in recent years from pressure on Russian crude prices from sanctions linked to its invasion of Ukraine. Many have then exported refined products to buyers in Europe. However in its 18th package of sanctions against Russia, approved on Friday, the European bloc banned imports of refined petroleum products made from Russian crude coming from third countries, excluding a handful of Western nations. It has also placed direct sanctions on Nayara Energy, a refinery backed by Russian oil major Rosneft. The package will be phased in over six months. Reliance, India's largest buyer of Russian oil and refined products exporter, shipped an average of 2.83 million barrels of diesel and 1.5 million barrels of jet fuel per month to Europe in the first seven months of this year, LSEG shiptracking data showed. That roughly accounted for nearly 30 per cent and 60 per cent of its respective exports of the two products. Nayara Energy typically exports four million barrels or more of refined products including diesel, jet fuel, gasoline and naphtha per month, though only jet fuel typically heads to European markets, LSEG and Kpler shiptracking data showed. Under the sanctions, traders are likely to play a bigger role in placing refined products made from Russian crude, the sources said. Given the long phase-in time, they are likely to get creative with routes, they added. For diesel, traders are likely to swap Indian supplies with Middle East cargoes for export to Europe, Singapore-based traders said. They may also ship Indian cargoes to floating storage facilities in the Middle East or West Africa to be re-exported, they added. For jet fuel, Indian refiners may either divert cargoes to local markets or ship supplies to Asia, they said. Reliance and Nayara did not immediately respond to requests for comment. The changes will benefit traders by generating more trade flows, but will be costly for producers and consumers, said an Asian trader. Europe, heading into winter, may have to pay higher prices for refined fuel, he added. Nayara said in a statement on Monday it condemned the EU's "unjust and unilateral" decision to impose sanctions on the company, while India said on Friday it does not support the EU's "unilateral sanctions". Indian state refiners, which also buy Russian crude, are likely to be less affected by the sanctions as they sell most of their fuel locally and export through tenders, mostly to buyers in Asia, including Singapore, refining sources said. Indian state refiner Mangalore Refinery and Petrochemicals Ltd said the company's diesel exports were unlikely to be affected by the latest sanctions. Traders in recent months sold some of MRPL's diesel parcels in the UK, according to LSEG. "We don't directly sell our diesel to the end customer. It is all picked up through a tendering process by a trader," managing director M Shyamprasad Kamath said, adding that he does not see problems in selling refined fuels due to the sanctions. Following the EU sanctions, Nayara Energy amended the terms of a naphtha tender issued on Monday to obtain payment in advance, a tender document seen by Reuters showed.
Reuters
17 hours ago
- Business
- Reuters
BP-chartered tanker leaves port of sanctioned-Nayara without loading, sources say
SINGAPORE/NEW DELHI, July 22 (Reuters) - A tanker chartered by energy major BP left a port run by newly sanctioned Indian refiner Nayara Energy without loading, according to five industry sources and LSEG shipping data, a sign fresh European Union curbs on Russia are beginning to bite. The vessel Talara was supposed to load 60,000 metric tons (447,000 barrels) of ultra-low sulphur diesel on July 21 at Nayara's Vadinar port in western India, with the cargo bound for Africa, LSEG data showed. Nayara, partly-owned by Russia's largest oil producer Rosneft ( opens new tab, and BP (BP.L), opens new tab did not immediately respond to requests for comment. The sources declined to be named as they were not authorised to speak to the media. The change in loading plan suggests that EU sanctions imposed on Nayara on Friday are disrupting refined products exports from the Russia-backed refiner, one of the two private fuel exporters in India. The Talara did not load the cargo after the EU imposed the sanctions, one of the sources said. The sanctions package against Russia over its war in Ukraine is aimed at dealing further blows to Russia's oil and energy industry. BP subsequently released the ship, making it available for charter within India or the Middle East region, two of the sources said. On Monday, Nayara said in a statement that it condemned the EU's "unjust and unilateral" decision to impose sanctions on the company, while India said on Friday it did not support the EU's "unilateral sanctions". Following the EU sanctions, Nayara Energy amended the terms of a naphtha tender issued on Monday to obtain payment in advance, a tender document seen by Reuters showed. Another vessel, Panamax-sized tanker Pacific Martina, chartered by Shell (SHEL.L), opens new tab, arrived at Vadinar on July 18 to load jet fuel, LSEG and Kpler data showed. After loading jet fuel from Nayara, the partially loaded Pacific Martina has been anchored off the port next to Talara, LSEG data showed on Tuesday. PetroChina has also provisionally chartered medium-ranged tanker Chang Hang Xing Yun to load 35,000 tons of gasoil on July 29-31 from Vadinar port with the option to discharge the cargo at Singapore or Chittagong, Bangladesh, shipping fixtures from shipbrokers showed. Shell and PetroChina did not immediately respond to a request for comment.
Bloomberg
17 hours ago
- Business
- Bloomberg
Oil Shippers, Traders Stay Away from EU-Sanctioned Nayara Energy
Shipowners and oil traders are staying away from Russia-backed Nayara Energy Ltd. as part of the fallout faced by the Indian refiner, after it was singled out in the latest round of European Union sanctions. At least one oil tanker, the Talara, u-turned and sailed away from Vadinar port on Sunday, according to Bloomberg ship-tracking data. The vessel was meant to pick up a cargo of fuel — likely diesel — from Nayara, shipbrokers said. The booking was cancelled following Friday's sanction, they said, and the cargo was not loaded.
Al Arabiya
18 hours ago
- Business
- Al Arabiya
BP-chartered tanker leaves port of EU sanctioned-Nayara Energy without oil, sources say
Oil tanker Talara, chartered by energy major BP, has left the Vadinar port of newly-sanctioned Indian refiner Nayara Energy without loading diesel as planned, according to five industry sources and shipping data on LSEG. The vessel was supposed to load 60,000 metric tons (447,000 barrels) of ultra low sulphur diesel on July 21 with the cargo bound for Africa, LSEG data showed. Nayara, partly-owned by Russia's largest oil producer Rosneft, and BP did not immediately respond to requests for comment. The sources declined to be named as they were not authorized to speak to the media. The change in loading plan suggests that European Union sanctions imposed on Nayara on Friday are disrupting refined products exports from the Russia-backed refiner, one of the two private fuel exporters in India. The vessel, Talara, did not load the cargo after the EU imposed the sanctions, one of the sources said. The EU sanctions package against Russia over its war in Ukraine was aimed at dealing further blows to Russia's oil and energy industry. BP has since released the ship, making it available for charter within India or Middle East region, two of the sources said. Nayara said in a statement on Monday it condemned the EU's 'unjust and unilateral' decision to impose sanctions on the company, while India said on Friday it did not support the EU's 'unilateral sanctions.'
