Latest news with #Russia-linked
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Business Standard
a day ago
- Business
- Business Standard
Russia-linked refinery tightens sale terms, seeks early payment after curbs
By Nicholas Lua and Rakesh Sharma A refinery in India that's part-owned by a Russian energy producer tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions. Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender asked for no such requirements. ALSO READ: Oil prices change little as investors eye impact of new sanctions on Russia The global oil market is tracking the evolving web of restrictions against Russia-linked energy products and producers as the EU and other groups escalate their response to Moscow's invasion of Ukraine. The latest EU package of moves — which also included a lower price cap on cargoes of Russian crude, as well as planned curbs on products made from Russian petroleum — was unveiled last week, spurring swings in crude futures. India has evolved as a critical destination for Russian crude oil, as western nations shunned imports of the commodity after Moscow attacked Kyiv in 2022. Still, the EU has until now remained an important market for petroleum products made from Russian crude, and hadn't targeted Nayara. ALSO READ: Indian refiners unfazed by European Union's new Russia oil sanctions In a weekend statement, Rosneft said the newly-imposed EU sanctions against Nayara were 'unjustified and illegal.' Nayara operates a 400,000-barrel-a-day refinery, and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. A request to Nayara for comment didn't get an immediate reply. Naphtha is used to make petrochemicals.
Time of India
a day ago
- Business
- Time of India
Russia-linked refinery in India, Nayara Energy, seeks early payment after EU sanctions
A refinery in India that's part-owned by a Russian energy producer tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions. Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender asked for no such requirements. The global oil market is tracking the evolving web of restrictions against Russia-linked energy products and producers as the EU and other groups escalate their response to Moscow's invasion of Ukraine. The latest EU package of moves — which also included a lower price cap on cargoes of Russian crude, as well as planned curbs on products made from Russian petroleum — was unveiled last week, spurring swings in crude futures. India has evolved as a critical destination for Russian crude oil, as western nations shunned imports of the commodity after Moscow attacked Kyiv in 2022. Still, the EU has until now remained an important market for petroleum products made from Russian crude, and hadn't targeted Nayara. In a weekend statement, Rosneft said the newly-imposed EU sanctions against Nayara were 'unjustified and illegal.' Nayara operates a 400,000-barrel-a-day refinery, and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. A request to Nayara for comment didn't get an immediate reply. Naphtha is used to make petrochemicals.
Time of India
a day ago
- Business
- Time of India
Russia-linked refinery in India, Nayara Energy, seeks early payment after EU sanctions
A refinery in India that's part-owned by a Russian energy producer tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions. Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender asked for no such requirements. Explore courses from Top Institutes in Select a Course Category Product Management CXO Public Policy Degree Data Analytics Cybersecurity Digital Marketing Project Management healthcare Others Technology Design Thinking Data Science Data Science others MCA Management Operations Management MBA Finance Healthcare Leadership Artificial Intelligence Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Also Read: EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India The global oil market is tracking the evolving web of restrictions against Russia-linked energy products and producers as the EU and other groups escalate their response to Moscow's invasion of Ukraine. The latest EU package of moves — which also included a lower price cap on cargoes of Russian crude, as well as planned curbs on products made from Russian petroleum — was unveiled last week, spurring swings in crude futures. India has evolved as a critical destination for Russian crude oil, as western nations shunned imports of the commodity after Moscow attacked Kyiv in 2022. Still, the EU has until now remained an important market for petroleum products made from Russian crude, and hadn't targeted Nayara. Live Events Also Read: India's $15 bn oil exports to EU at risk amid new Russia sanctions In a weekend statement, Rosneft said the newly-imposed EU sanctions against Nayara were 'unjustified and illegal.' Nayara operates a 400,000-barrel-a-day refinery, and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. A request to Nayara for comment didn't get an immediate reply. Naphtha is used to make petrochemicals.
3 days ago
- Politics
Shooting at a Central African Republic gold mine run by Russia's Wagner leaves 11 dead
BANGUI, Central African Republic -- A shooting at a mine controlled by the Russia-linked Wagner mercenary group in the Central African Republic killed at least 11 people, residents and aid workers said Friday. The victims were killed Wednesday night at the gold mine in Ndassima, about 450 kilometers (280 miles) east of the country's capital of Bangui, the residents and aid workers told The Associated Press. Residents of nearby villages are forbidden access to the Wagner-controlled mine. Resident Serge Pounematchi, whose son was among those killed, said the victims were at the site searching for gold residue and gravel when they were summarily killed. He joined other villagers in holding funerals for the victims. 'It is a shame that the right to life does not exist,' Pounematchi said. Authorities did not yet confirm any details of the violence, and local officials did not immediately respond to inquiries. Two aid workers, speaking on the condition of anonymity for fear of being targeted, confirmed that the victims were young people from surrounding villages and that most were shot dead. Constantin Pounoukouzou, a resident of Ndassima, said some villagers are still missing. 'Unemployed young people have no choice but to go to this site at night (for) the gravel,' Pounoukouzou said. Wagner is often accused of carrying out rights abuses and extrajudicial killings with little or no accountability in Central African Republic, where it has pledged to fight rebel groups and restore peace. The mercenaries have served as personal , helping him win a 2023 constitutional referendum that could extend his power indefinitely.
Toronto Star
4 days ago
- Toronto Star
Shooting at a Central African Republic gold mine run by Russia's Wagner leaves 11 dead
BANGUI, Central African Republic (AP) — A shooting at a mine controlled by the Russia-linked Wagner mercenary group in the Central African Republic killed at least 11 people, residents and aid workers said Friday. The victims were killed Wednesday night at the gold mine in Ndassima, about 450 kilometers (280 miles) east of the country's capital of Bangui, the residents and aid workers told The Associated Press. Residents of nearby villages are forbidden access to the Wagner-controlled mine.
