Latest news with #Talara
Time of India
5 days ago
- Business
- Time of India
EU sanctions on Russia oil: Indian oil refiner Nayara Energy CEO Alessandro des Dorides resigns; Russia-backed refinery key fuel retailer
Russia-backed Indian oil refiner Nayara Energy has named Sergey Denisov as its new chief executive, following the resignation of CEO Alessandro des Dorides in the wake of European Union sanctions targeting the company, Reuters reported citing four sources. Denisov, a company veteran who has been with Nayara since 2017, was appointed to the top job during a board meeting held on Wednesday, the report said. He replaces des Dorides, who had taken over the CEO role in April 2024 but stepped down amid growing regulatory pressure linked to Nayara's ties to Russian oil major Rosneft. The EU had announced sanctions earlier this year over Nayara's business links, a move the company described as 'unjust and unilateral'. New Delhi, too, has distanced itself from the European action, reiterating that it does not endorse sanctions not backed by the United Nations. Earlier this week, the European Union's latest sanctions on Russian oil began to directly impact Indian refiner Nayara Energy Ltd, as oil firms and shipping operators started distancing themselves from the company. The move followed the EU's decision to explicitly list Nayara in its latest sanctions package, citing its ties to Russian oil major Rosneft, which holds a 49.13% stake. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Shipbrokers reported that vessel operators turned wary of lifting crude or delivering refined products from Nayara this week. According to Bloomberg ship-tracking data, a vessel named Talara reversed course and exited Gujarat's Vadinar port on Sunday without lifting a planned diesel shipment. Sources said the cargo collection was cancelled in the immediate aftermath of the sanctions. Another ship, the Chang Hang Xing Yun, was seen idling off India's southwest coast while en route to Vadinar but later diverted to the Arabian Gulf to load for southern Africa. Both diversions were attributed to uncertainty over EU compliance risks, shipbrokers confirmed. Shipping firms based in Greece and Norway—two countries with a major share in global tanker operations—were expected to follow EU directives, analysts said. Greek shippers, in particular, had helped move Russian oil priced below the cap since the Ukraine conflict began in 2022. Market observers said financial institutions and trade partners were also assessing their exposure, and several Indian refiners were reportedly seeking clarity from the EU over restrictions on diesel refined from Russian crude. The redirection of Talara added to concerns about Nayara's recent policy of requiring advance payments or letters of credit before releasing cargoes. The standard industry practice involves 15–30 day post-loading settlements. Sources said the policy shift indicated unease about payment risks after loading. This change led to hesitation among prospective buyers in Nayara's future fuel tenders, traders said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
23-07-2025
- Business
- Time of India
Russia oil trouble hits: Shipowners and oil traders avoiding Russia-backed Nayara Energy in India; impact after EU sanctions
Shipbrokers, vessel operators have become hesitant to engage with Nayara this week. (AI image) European Union's latest round of sanctions on Russian oil have already begun to hit a refinery in India. Oil companies and vessel operators are distancing themselves from India's Nayara Energy Ltd. , following the European Union's recent sanctions that specifically targeted the company. According to shipbrokers, vessel operators have become hesitant to engage with Nayara this week, whether for exporting refined products or importing crude oil. The Indian refinery has Rosneft PJSC as a significant shareholder, holding a 49.13% stake. Ship-tracking information from Bloomberg revealed that a vessel called the Talara reversed course and departed from Vadinar port on Sunday. According to shipbrokers, the vessel was scheduled to collect a fuel shipment, presumably diesel, from Nayara. However, the scheduled collection was cancelled in response to Friday's sanctions, leaving the cargo unloaded. Tracking data and charter arrangements indicate that another vessel, the Chang Hang Xing Yun, stopped off India's southwestern coast whilst en route to Vadinar this week. Also Read | Russia oil squeeze: Trump's 100% tariff threat - should India panic? The vessel has now redirected towards the Arabian Gulf to collect shipments destined for southern Africa, after its planned loading at Vadinar was cancelled yesterday, as reported by shipbrokers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Impact of EU Sanctions on Russia Shipping companies from Greece and Norway dominate the international maritime fleet, and these organisations are expected to comply with EU regulations. Since the conflict in Ukraine began in 2022, Greek vessel operators have been instrumental in facilitating Russian oil transportation, particularly for shipments priced below the cap. Market analysts are observing the global oil sector to determine if vessel operators' reluctance extends to trading partners and financial institutions. In recent days, refineries in India have requested additional clarification from the European Union regarding various issues, including Nayara's sanctions and restrictions on diesel produced from Russian oil. Also Read | Trump, NATO tariff threat on Russia's crude oil: India not worried about sanctions, says Hardeep Puri; 'if something happens, we'll…' The redirection of Talara has heightened apprehensions about Nayara, following its requirement for upfront payments or letters of credit prior to fuel loadings. Industry sources indicate this requirement might reflect worries about payment complications post-loading, amongst other financial issues. This stipulation has created uncertainty among market participants regarding future participation in the refiner's tenders, as the standard industry practice involves payments occurring 15-30 days after cargo loading. Nayara has indicated it is investigating legal and alternative measures to safeguard its interests, whilst Rosneft has described the EU sanctions as "unjustified and illegal." Also Read | Russia oil sanctions: EU moves on crude, oil price cap may hit Reliance, Nayara; enforcing may be difficult, India may still benefit Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
23-07-2025
- Business
- Economic Times
Oil shippers, traders avoid 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. Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade, particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
Time of India
23-07-2025
- Business
- Time of India
Oil shippers, traders avoid 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. Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade , particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
Time of India
23-07-2025
- Business
- Time of India
Oil shippers, traders avoid 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. Explore courses from Top Institutes in Please select course: Select a Course Category Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Live Events MORE STORIES FOR YOU ✕ EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India BP-chartered tanker leaves port of Nayara Energy without loading diesel, sources say « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade , particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
