Latest news with #NayaraEnergyLtd
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Sanctioned Indian refiner Nayara transfers fuel cargo at sea
ONE of the first cargoes shipped by Nayara Energy Ltd. after it was hit by EU sanctions has been transferred to another tanker at sea, evidence the Indian refiner is trying to keep exporting fuel. The Tempest Dream completed a ship-to-ship transfer on Thursday in the waters off Oman to move the gasoline shipment to Wu Tai, a larger tanker, according to a Bloomberg News review of ship-tracking data and satellite images. Tempest Dream then indicated that it would head back to Vadinar, Nayara's terminal in western India. The embattled refiner, which is 49%-owned by Russia's Rosneft PJSC, has found itself being shunned after it was sanctioned last month by the European Union. That's left it grappling with a lack of feedstock and has seen it cut run rates at its Vadinar refinery. Ship-to-ship transfers are a common tactic to mask the origins of cargoes, and may allow Nayara to keep exporting fuel. The waters off Oman are a popular place to do them. Tempest Dream was carrying around 283,000 barrels of gasoline before the transfer on Tuesday, according to Vortexa. It's now sitting higher in the water, Bloomberg and Kpler data show, indicating that it's shed the fuel. The Wu Tai, which is used for floating storage, is now holding more than 612,000 barrels, with room to take more. Fuel exports from Nayara that were already on water before the EU sanctioned the refiner on July 18 have also faced delays in finding takers. One cargo was diverted to China on Tuesday after finding a new buyer, four weeks after it was picked up from Vadinar. Tempest Dream, previously named Unite, was sanctioned by the UK for its involvement in the Russian oil trade, while Wu Tai was blacklisted by the UK and the EU for the same reason. Tempest Dream's owner is listed as Istanbul-based Tempest Maritime Services Trading on S&P's maritime database, while Wu Tai's owner is listed as Namas Maritime Inc., which is based in the Seychelles. The database did not provide contact numbers or email addresses for the companies. An email to Nayara seeking comment sent outside of business hours wasn't immediately answered. –BLOOMBERG
Time of India
3 days ago
- Business
- Time of India
Tempest at sea: Nayara's sanctioned cargo quietly slips into new hands
One of the first cargoes shipped by Nayara Energy Ltd . after it was hit by EU sanctions has been transferred to another tanker at sea, evidence the Indian refiner is trying to keep exporting fuel. The Tempest Dream completed a ship-to-ship transfer on Thursday in the waters off Oman to move the gasoline shipment to Wu Tai, a larger tanker, according to a Bloomberg News review of ship-tracking data and satellite images. Tempest Dream then indicated that it would head back to Vadinar, Nayara's terminal in western India. The embattled refiner, which is 49%-owned by Russia's Rosneft PJSC, has found itself being shunned after it was sanctioned last month by the European Union. That's left it grappling with a lack of feedstock and has seen it cut run rates at its Vadinar refinery . Ship-to-ship transfers are a common tactic to mask the origins of cargoes, and may allow Nayara to keep exporting fuel. The waters off Oman are a popular place to do them. Tempest Dream was carrying more than 360,000 barrels of gasoline before the transfer on Tuesday, according to Vortexa. It's now sitting higher in the water, Bloomberg and Kpler data show, indicating that it's shed at least some of the fuel. The Wu Tai, which is used for floating storage, is now holding around 460,000 barrels, with room to take more. Fuel exports from Nayara that were already on water before the EU sanctioned the refiner on July 18 have also faced delays in finding takers. One cargo was diverted to China on Tuesday after finding a new buyer, four weeks after it was picked up from Vadinar. Tempest Dream, previously named Unite, was sanctioned by the UK for its involvement in the Russian oil trade, while Wu Tai was blacklisted by the UK and the EU for the same reason. Tempest Dream's owner is listed as Istanbul-based Tempest Maritime Services Trading on S&P's maritime database, while Wu Tai's owner is listed as Namas Maritime Inc., which is based in the Seychelles. The database did not provide contact numbers or email addresses for the companies. An email to Nayara seeking comment sent outside of business hours wasn't immediately answered.
Economic Times
06-08-2025
- Business
- Economic Times
India caught in a bind on Russian crude after Trump tariff, may look to diversify further
Indian refiners are likely to go slow on import of oil from Russia and may double down on efforts to diversify their import basket further as New Delhi assesses the impact of US President Donald Trump's announcement of additional tariffs Trump issued an executive order on Wednesday doubling tariffs on goods from India to 50 per cent for continuing to import oil from Russia, which purportedly uses that revenue to fund its war with Ukraine. While the government has given oil companies a free hand to plan crude purchases keeping commercial viability in mind, refiners may look to boost imports from the US and other non-OPEC suppliers as a balancing act, three sources with knowledge of the matter said. After the latest tariff order, refiners would be adopting a cautious approach to Russian imports, they said, adding the government has so far not told them to stop or go slow on purchases from Moscow. Soon after Trump's executive order, officials went into a huddle, discussing possible fallout and alternatives. No official comment was immediately available on the latest US tariffs. India buys about 88 per cent of its crude oil, which is converted into fuels like petrol and diesel, from overseas. Russian oil made up for hardly 0.2 per cent of all crude oil that India imported till 2021. After Moscow invaded Ukraine, Russian oil was available at a discount to international benchmarks due to Western sanctions, and was quickly lapped up by Indian refiners. Russia is now India's largest oil supplier. India imports about 5 million barrels of oil a day, of which 1.6 million came from Russia in July. Sources said discounts on Russian oil have shrunk to less than USD 2 per barrel, not offering much economic benefit for buying from Moscow. But it will be near impossible to swiftly unwind the Russian imports given the volumes India now buys, they said, adding Middle East suppliers, which were the main source in the pre-Ukraine war era, may see a resurgence with the largest volumes. India is the largest importer of Russian crude ahead of China and Turkey. The US tariffs follow the European Union ban on the import of petroleum products (fuel) made from Russian crude starting in January 2026. India's Reliance Industries Ltd and Russian oil giant Rosneft-backed Nayara Energy Ltd will be those hit hard by the sanctions. The two, particularly Reliance, were the biggest exporters of fuel from India to Europe. India historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February 2022. India, the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of Ukraine. From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia overtook Iraq and Saudi Arabia to become India's No.1 supplier, with a share as high as 40 per cent at one point of time. Last month, Russia supplied more than a third of all crude oil imported by India. India bought 68,000 barrels per day of crude oil from Russia in January 2022, according to global real-time data and analytics provider Kpler. That month, Indian imports from Iraq were 1.23 million bpd and 883,000 bpd from Saudi Arabia. In June 2022, Russia overtook Iraq to become India's largest oil supplier. Russian imports peaked at 2.15 million bpd in May 2023 and have varied - depending upon the discount at which the oil was available. But the volumes never slipped below 1.4 million bpd since then, which is more than what India was buying from its top supplier Iraq before the Russia-Ukraine conflict. G7 countries in December 2022 imposed a USD 60 per barrel price cap on Russian crude. Under the mechanism, European companies were permitted to transport and insure shipments of Russian oil to third countries as long as it is sold below the capped price -- an effort to limit the impact of the sanctions on global oil flows but ensure Russia earns less from the trade. Last month, the European Union decided to lower the price cap to USD 47.6 and introduced an automatic and dynamic mechanism for its review in the future. The idea is to keep the cap at 15 per cent lower than the average market price. In addition to stoking India's economy, cheap Russian oil gave refiners lucrative business -- refining that crude and exporting the products to deficit countries. These included the European Union, which had banned direct crude oil purchases from Russia. The bulk of the crude that goes to India from Russia arrives at ports in Gujarat, where Reliance Industries Ltd's Jamnagar refinery, the largest in the world, and Nayara Energy-owned India's second-largest refinery, less than 10 miles away at Vadinar, turned them into fuel.
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Business Standard
04-08-2025
- Business
- Business Standard
Despite US pressure, Russian oil tankers unload at Indian refineries
More tankers are poised to discharge another 2.2 million barrels of Urals in the coming hours Bloomberg By Weilun Soon and Rakesh Sharma At least four tankers discharged millions of barrels of Russian crude at Indian refineries at the weekend, a sign the closely scrutinised deliveries are continuing as normal, even as the US ramps up pressure on the South Asian country to stop purchases. Oil traders and shipping companies have been waiting for direction from New Delhi on whether supplies from Moscow will be allowed to continue after US President Donald Trump last week threatened punitive action to curb trade with Russia. Over the weekend, a senior aide accused India of effectively funding President Vladimir Putin's war in Ukraine. Washington's tough demands, coming after a surprise 25 per cent tariff on Indian exports to the US, threw private and state-owned refineries' purchase plans into disarray. Still, India hasn't asked refiners to stop Russian crude imports, according to people familiar with the matter. Three Aframaxes — the Achilles, Elyte and Horae — unloaded nearly 2.2 million barrels of Urals crude, a key Russian grade, to private processors Nayara Energy Ltd and Reliance Industries Ltd over the weekend after a slight delay, ship-tracking data show. The Mikati, also an Aframax, delivered more than 720,000 barrels of Russia's Varandey crude on a two-stop journey that included deliveries to refineries in Kochi and Mangalore. State-run Bharat Petroleum Corp Ltd owns the Kochi refinery, while Mangalore Refinery and Petrochemicals Ltd. is majority owned by state-run Oil and Natural Gas Corp Ltd. More tankers are poised to discharge another 2.2 million barrels of Urals in the coming hours, with Minion and Destan now at Sikka, a terminal operated by Reliance. Aldebaran is due to unload across the gulf at Mundra. While Bloomberg News couldn't immediately determine the buyer, the Mundra port serves both government-run Indian Oil Corp Ltd. and HPCL-Mittal Energy Ltd, partially owned by state-run Hindustan Petroleum Corp Ltd. Reliance, the largest buyer of Russian Urals, has a long-term deal with Russian producer Rosneft PJSC that would ensure it can get those barrels over several years. India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies. Scrutiny has increased in recent weeks, even before Trump's latest comments. Nayara was sanctioned by the European Union on July 18 for its links to Russia, prompting the processor to cut run rates and pushing trade partners to seek supplies elsewhere.
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Business Standard
04-08-2025
- Business
- Business Standard
Tankers deliver barrels of Russian crude to India despite US, EU pressure
India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies Bloomberg By Weilun Soon and Rakesh Sharma At least four tankers discharged millions of barrels of Russian crude at Indian refineries at the weekend, a sign the closely scrutinised deliveries are continuing as normal, even as the US ramps up pressure on the South Asian country to stop purchases. Oil traders and shipping companies have been waiting for direction from New Delhi on whether supplies from Moscow will be allowed to continue after US President Donald Trump last week threatened punitive action to curb trade with Russia. Over the weekend, a senior aide accused India of effectively funding President Vladimir Putin's war in Ukraine. Washington's tough demands, coming after a surprise 25 per cent tariff on Indian exports to the US, threw private and state-owned refineries' purchase plans into disarray. Still, India hasn't asked refiners to stop Russian crude imports, according to people familiar with the matter. Three Aframaxes — the Achilles, Elyte and Horae — unloaded nearly 2.2 million barrels of Urals crude, a key Russian grade, to private processors Nayara Energy Ltd and Reliance Industries Ltd over the weekend after a slight delay, ship-tracking data show. The Mikati, also an Aframax, delivered more than 720,000 barrels of Russia's Varandey crude on a two-stop journey that included deliveries to refineries in Kochi and Mangalore. State-run Bharat Petroleum Corp Ltd owns the Kochi refinery, while Mangalore Refinery and Petrochemicals Ltd. is majority owned by state-run Oil and Natural Gas Corp Ltd. More tankers are poised to discharge another 2.2 million barrels of Urals in the coming hours, with Minion and Destan now at Sikka, a terminal operated by Reliance. Aldebaran is due to unload across the gulf at Mundra. While Bloomberg News couldn't immediately determine the buyer, the Mundra port serves both government-run Indian Oil Corp Ltd. and HPCL-Mittal Energy Ltd, partially owned by state-run Hindustan Petroleum Corp Ltd. Reliance, the largest buyer of Russian Urals, has a long-term deal with Russian producer Rosneft PJSC that would ensure it can get those barrels over several years. India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies. Scrutiny has increased in recent weeks, even before Trump's latest comments. Nayara was sanctioned by the European Union on July 18 for its links to Russia, prompting the processor to cut run rates and pushing trade partners to seek supplies elsewhere.
