Latest news with #Russian-owned
Time of India
20 hours ago
- Business
- Time of India
Shippers ask to end contracts with Russian-backed refiner Nayara
The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner. Nayara, majority-owned by Russian entities including oil major Rosneft , runs India's third-biggest refinery and exports refined products and also supplies them domestically. Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters. Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them "unjust and unilateral". Seven Islands and GESCO did not immediately respond to requests for comment. Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed. Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd, sources said. The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said. HPCL and Sanmar did not immediately respond to requests for comment. India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022. Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there. Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft after the U.S. software giant suspended services to the firm.
Reuters
2 days ago
- Business
- Reuters
Exclusive: Shippers ask to end contracts with Russian-backed refiner Nayara, sources say
NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner. Nayara, majority-owned by Russian entities including oil major Rosneft ( opens new tab, runs India's third-biggest refinery and exports refined products and also supplies them domestically. Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints. India-based Seven Islands Shipping Ltd ( opens new tab and Great Eastern Shipping Co ( opens new tab (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters. Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them "unjust and unilateral". Seven Islands and GESCO did not immediately respond to requests for comment. Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed. Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp ( opens new tab, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd ( opens new tab, sources said. The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said. HPCL and Sanmar did not immediately respond to requests for comment. India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022. Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there. Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft (MSFT.O), opens new tab after the U.S. software giant suspended services to the firm.
The Journal
24-07-2025
- Business
- The Journal
Russian-owned alumina refinery in Limerick suspended from energy market
MINISTER FOR ENTERPRISE Peter Burke has said that the government is working 'very closely' with a Russian-owned alumina refinery in Co Limerick following its suspension from the energy market. Aughinish Alumina is Europe's largest alumina refinery and employs 450 people on its 222-hectare site, located close to the Shannon-estuary towns of Foynes and Askeaton. It is owned by Russian metals company Rusal. Eirgrid has confirmed that the company has been suspended from the ex-ante energy market - which provides day-ahead and intraday markets for the buying and selling of wholesale electricity by generators, supply companies and traders. 'Aughinish Alumina have not been taken offline and remain connected to the transmission system,' a spokesperson for Eirgrid said. 'EirGrid can confirm that Aughinish Alumina have been suspended from the ex-ante market in line with a decision by ECC (European Commodity Clearing). EirGrid are currently reviewing the implications of this development.' Speaking to reporters today, the Enterprise Minister said the decision was taken in a sovereign court in Italy. Peter Burke said his department, the Department of Energy, Eirgrid and the Commission for Regulation of Utilities (CRU) are engaging with the company to 'try and find a pathway for the company'. 'They're a very significant employer, and one that we are committed to working very closely with,' he said. 'Obviously, there are sanctions that we have to adhere to in relation to the ownership structure, as well as its participation now subject to that case in the energy market.' Asked if jobs were under threat at the plant, Burke said: 'We're working with the company, and that's the key thing. Advertisement Aerial view of Aughinish Alumina refinery on the Shannon, Co Limerick. Alamy Stock Photo Alamy Stock Photo 'We need to ensure that there is a pathway. It's a very significant company. It's a heavily export-oriented company from the Irish market, and obviously supplies a significant amount of power brought into the grid and in terms of its utilisation.' Burke said he understands that the company is still fully operational, but that 'they are in discussion with Eirgrid and the CRU to find a pathway'. While the Aughinish Alumina plant has no direct link to Russia's military invasion of Ukraine, it is owned by Russian metals company Rusal, which was co-founded by Oleg Deripaska. Deripaska, who is still a shareholder in Rusal, is an industrialist who is reported to have had close ties to Russia president Vladimir Putin. In 2018, he was placed on a US sanctions list and the UK government also announced sanctions against the oligarch in 2022 following the Russian invasion of Ukraine. The businessman is well-connected in Russian politics and business, and was pictured earlier this month at the Kremlin in Moscow for a ceremony ahead of World War II commemorations. According to reports, pre-tax losses at Aughinish Alumina in 2023 totalled €108 million, down from losses of €141 million the previous year. Earlier this month, a bomb was discovered attached to a fuel tank that services the refinery . The bomb is believed to have included a battery-timed mechanism so that it could be detonated long after the perpetrators had left the area. It's understood that up to 100 staff at the refinery were unable to leave the plant while a 350-metre security cordon was in place at the scene for several hours. The area where the bomb was found is located close to a publicly accessible nature walking trail. Gardaí investigating the incident are examining many lines of enquiry, including the possibility that the bomb may have been a direct response to Russian missile attacks in Kyiv carried out at the time. In February 2022 Gardaí launched an investigation into criminal damage at the entrance to Aughinish Alumina which was daubed with slogans in red paint, similar in nature to protests at Russian embassies around the world at Russia's invasion of Ukraine. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Star
23-07-2025
- Business
- The Star
Maxim and InDrive allowed to resume operations under Apad's watchful eye
PETALING JAYA: E-hailing companies Maxim and InDrive have been allowed to resume its operations, subject to a review every three months. The Land Public Transport Agency (Apad) said the decision was made following random checks conducted on drivers of the Russian-owned firms on July 11. "All drivers checked had valid e-hailing vehicle permits (EVP). "Based on the results of the current review and assessment by Apad and the Road Transport Department, the improvement measures and commitment shown by both companies are satisfactory. "The companies are allowed to continue operating but will continue to be monitored for the next three months from Thursday (July 24)," Said Apad in a statement said on Wednesday (July 23). Apad had revoked the operating permits of Maxim and InDrive in May with an order to cease its operations effective July 24, 2025. The action was following an audit by the agency on major e-hailing operators in the country. Maxim and InDrive had failed to meet certain conditions, especially requirements related to permits. Apad said both companies appealed against the revocation with the Transport Ministry and were ordered to take corrective measures before July 24 to continue its operations. The agency said as a result, both companies improved their registration system to ensure that all drivers had a valid EVP to legally work for them. Apad said the companies were also given access to its "view only" data to facilitate cross-checking. It said representatives of both e-hailing companies are also required to report to Apad's headquarters every month throughout the review period. "The number of monthly attendances is subject to Apad's requirements based on the level of monitoring and current issues. This session aims to enable Apad to carry out 'real-time' monitoring where random checks of drivers will be carried out through the InDrive and Maxim applications," Apad said. The agency said if the companies fail to comply with any of the stipulated service conditions, strict action will be taken against it under Section 12A(5) of the Land Public Transport Act 2010.
LeMonde
23-07-2025
- Business
- LeMonde
China rebukes EU over Russia sanctions targeting its banks
China's commerce minister lodged "solemn representations" to his EU counterpart over two Chinese banks' inclusion in the bloc's sanctions on Russia over the Ukraine war, Beijing said Wednesday, July 23. EU bosses Antonio Costa and Ursula von der Leyen will be in Beijing on Thursday for talks with top Chinese leaders over tense topics like trade and the war in Ukraine, but in which few concrete outcomes are expected. The summit comes less than a week after the European Union adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18 th round of economic measures from Europe against Russia since its 2022 invasion comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. And in talks with EU trade chief Maros Sefcovic on Tuesday, the Chinese commerce ministry said Commerce Minister Wang Wentao "made solemn representations regarding the inclusion of two Chinese financial institutions in the EU's 18 th round of sanctions against Russia." Brussels says China's deepening political and economic relations with Russia since the 2022 invasion represent tacit support for Moscow that has helped its economy weather sweeping Western sanctions. China denies the claims.
