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Economic Times
4 days ago
- Business
- Economic Times
Sanctions choke crude shipments to Indian refiner Nayara
Reuters Nayara logo at a fuel pump. Indian refiner Nayara Energy is set to receive the lowest-ever amount of crude this month, as oil imports and product exports buckle under the weight of EU sanctions. Nayara — part-owned by Russian oil giant Rosneft PJSC and blacklisted by Brussels in July — is expected to receive just under 94,000 barrels of crude per day for all of this month, ship-tracking data from Vortexa and Kpler show. That compares with nearly 366,000 barrels a day in July through September last year. It has received four cargoes of Russia's flagship Urals grade, or nearly 2.9 million barrels, this month, but the last delivery was on Aug. 9. No more shipments are expected for the rest of the month, according to a shipbroker and the ship-tracking data, although this may still change. The refinery, the country's third-largest by capacity, was operating at nearly 70% of its capacity as of late July. Traders say that figure could fall further if the refinery is unable to obtain feedstock. The picture is equally challenging when it comes to overseas sales of petroleum products. While Nayara has managed to export some cargoes in recent days, it relied on dark-fleet vessels to move those deliveries as legitimate shipowners and traders stayed away to avoid running afoul of the European Union sanctions. Currently, two blacklisted medium-range tankers are docked at Nayara's terminal in Vadinar, according to ship-tracking data. Ocean Autumn and Varg had arrived, empty, on Tuesday morning, the data show. Both tankers are sanctioned by the UK, with Ocean Autumn also blacklisted by the exports that were already on water before the EU sanctioned the refiner on on July 18 also faced delays in finding buyers. A cargo of ultra-low sulfur diesel that was loaded onto the EM Zenith that day idled in the Straits of Malacca until late Tuesday, when the vessel showed that it was sailing to China. That would make it India's first diesel export to the country in more than four years, data shippers have also pulled out from collaborating with Nayara, with The Great Eastern Shipping Co. Ltd. and Seven Islands Shipping Ltd. backing out of agreements to send fuel from one local port to another, according to people familiar with the development. They asked not to be named due to sensitivity of the trade. As a result, Nayara has turned to surface transport, such as trucks and rail to bring more of its fuel to market. A Nayara spokesperson did not immediately respond to an email seeking comment. The EU sanctioned Nayara for its support of the Kremlin's war in Ukraine through the Russian oil trade. Since then, Nayara has faced challenges issuing as well as receiving payments, leading it to seek advance payment or letters of credit before its fuel shipments are loaded, while cutting run rates at its Vadinar refinery. Executives at the Mumbai-based refiner have held meetings with several Indian government ministries to seek advice on various issues that have hobbled its business since the sanctions. New Delhi, however, hasn't provided much support to Nayara as it scrambles to handle the fallout from additional tariffs announced by US President Donald Trump. State Bank of India, the country's largest lender, stopped processing trade and foreign currency transactions for Nayara over potential sanctions, the Economic Times newspaper reported this week. The refiner has already reached out to the federal government to broker a relationship with a local lender such as UCO Bank Ltd. after the EU sanctions prompted greater caution among larger banks. Nayara operates a 400,000-barrel-per-day refinery and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. The ownership of Nayara is currently split between Rosneft and investment consortium SPV Kesani Enterprises Co., while the remaining shares are held by retail investors.
Time of India
4 days ago
- Business
- Time of India
Sanctions choke crude shipments to Indian refiner Nayara
Indian refiner Nayara Energy is set to receive the lowest-ever amount of crude this month, as oil imports and product exports buckle under the weight of EU sanctions . Nayara — part-owned by Russian oil giant Rosneft PJSC and blacklisted by Brussels in July — is expected to receive just under 94,000 barrels of crude per day for all of this month, ship-tracking data from Vortexa and Kpler show. That compares with nearly 366,000 barrels a day in July through September last year. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program It has received four cargoes of Russia's flagship Urals grade, or nearly 2.9 million barrels, this month, but the last delivery was on Aug. 9. No more shipments are expected for the rest of the month, according to a shipbroker and the ship-tracking data, although this may still change. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The refinery, the country's third-largest by capacity, was operating at nearly 70% of its capacity as of late July. Traders say that figure could fall further if the refinery is unable to obtain feedstock. Bloomberg Live Events You Might Also Like: India sends rare diesel cargo to China as Nayara faces sanctions The picture is equally challenging when it comes to overseas sales of petroleum products . While Nayara has managed to export some cargoes in recent days, it relied on dark-fleet vessels to move those deliveries as legitimate shipowners and traders stayed away to avoid running afoul of the European Union sanctions. Currently, two blacklisted medium-range tankers are docked at Nayara's terminal in Vadinar, according to ship-tracking data. Ocean Autumn and Varg had arrived, empty, on Tuesday morning, the data show. Both tankers are sanctioned by the UK, with Ocean Autumn also blacklisted by the EU. Nayara exports that were already on water before the EU sanctioned the refiner on on July 18 also faced delays in finding buyers. A cargo of ultra-low sulfur diesel that was loaded onto the EM Zenith that day idled in the Straits of Malacca until late Tuesday, when the vessel showed that it was sailing to China. That would make it India's first diesel export to the country in more than four years, data show. Domestic shippers have also pulled out from collaborating with Nayara, with The Great Eastern Shipping Co. Ltd. and Seven Islands Shipping Ltd. backing out of agreements to send fuel from one local port to another, according to people familiar with the development. They asked not to be named due to sensitivity of the trade. As a result, Nayara has turned to surface transport, such as trucks and rail to bring more of its fuel to market. You Might Also Like: Tankers deliver Russian crude to India despite US, EU pressure A Nayara spokesperson did not immediately respond to an email seeking comment. Payment Challenges The EU sanctioned Nayara for its support of the Kremlin's war in Ukraine through the Russian oil trade . Since then, Nayara has faced challenges issuing as well as receiving payments, leading it to seek advance payment or letters of credit before its fuel shipments are loaded, while cutting run rates at its Vadinar refinery . Executives at the Mumbai-based refiner have held meetings with several Indian government ministries to seek advice on various issues that have hobbled its business since the sanctions. New Delhi, however, hasn't provided much support to Nayara as it scrambles to handle the fallout from additional tariffs announced by US President Donald Trump. State Bank of India , the country's largest lender, stopped processing trade and foreign currency transactions for Nayara over potential sanctions, the Economic Times newspaper reported this week. The refiner has already reached out to the federal government to broker a relationship with a local lender such as UCO Bank Ltd. after the EU sanctions prompted greater caution among larger banks. Nayara operates a 400,000-barrel-per-day refinery and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. The ownership of Nayara is currently split between Rosneft and investment consortium SPV Kesani Enterprises Co., while the remaining shares are held by retail investors.
The Guardian
09-02-2025
- The Guardian
From world's ‘roughest wilderness hotel' to a cosy Cotswolds hideaway: 10 adventure stays in Europe
Bringing smaller explorers with you? Sonnwies is a family-friendly hotel in the heart of the sun-lit mountainscapes of the Italian Dolomites and near the pretty village of Luson in South Tirol. Here it's all about adventures – explore the scenic heights on foot or you can ski straight from the hotel during winter months. This gem will make all ages of adventurer happy with mountain bikes, e-bikes and trail maps to borrow, as well as an on-site organic farm, a pony paddock and a beginner-friendly ski slope. Family rooms (sleeping four) £380 a night; Sometimes called the 'crown jewel of the Channel Islands', the little island of Sark is car-free, edged by rugged coastline and officially one of the sunniest places in the UK. Get around as the locals do, by bike, or explore from the water on a coasteering or sea-swimming expedition – organise guides from Outdoor Guernsey and Guernsey Swim Adventures. And stay at Stocks: sure, it may be the only hotel on this tiny island, but happily it's a lovely one, with a solar-heated swimming pool and suppers that have been sourced straight from the kitchen garden. Doubles from £260 a night; On the edge of Kiruna, Sweden's northernmost city, Camp Ripan has ski tracks and mountain trails starting straight from the doorsteps of their cosy cabins, chalet-style rooms and camping pitches. Adventure guides will take you skiing, ice climbing and aurora spotting in winter, while in summer you can cycle or hike beneath the midnight sun. Pack your swimmers for the swish on-site Aurora Spa. Doubles from £118 a night; It's a journey of its own to seek out this remote inn, hidden at the end of a twisty turny lane through a Lake District valley hemmed in by towering mountains, but it's well worth it. Renowned as the birthplace of British rock climbing, the Wasdale Head Inn sits at the foot of Scafell Pike, England's tallest peak, and near the shores of Wastwater, the country's deepest lake. Bedrooms are simple, but a stay here is all about your surroundings, and at the end of a day's trekking you'll rub shoulders with mountaineers warming up by the fire in the snug bar. Doubles from £150 a night; The Canvas Hotel proudly calls itself the 'world's roughest wilderness hotel', and rightly so: you'll have to trek or cycle to get to your very own luxurious yurt in this remote corner of Telemark. Explore by mountain bike (the hotel is surrounded by a network of cycle trails), steam in the sauna yurt, fish for your supper, or set sail for a day or two on the hotel's own yacht, the Varg, which will make its maiden voyage in 2025 offering 'ski and sail' adventures. From £266pp a night; A sanctuary on the squally shores of the island of Islay, in Scotland's Inner Hebrides. Another Place, The Machrie edges on to the sands of a seven-mile-long beach – spend your days swimming in the sea, fat-biking along coastal trails, setting out on wildlife-spotting boat trips or wandering through untamed hills on a wilderness hike. The hotel's hot tubs and sauna (or a dram of whisky from one of the island's nine distilleries) will warm you up afterwards. Doubles from £295 a night; If you're more of a fan of soft adventures than of hardy hillside pursuits, pack your wellies for the Fish, a country estate hideaway. Choose to hole up in a treehouse, shepherd's hut or a snug hotel suite complete with wood burner on the edge of the Cotswolds National Landscape, a designated Area of Outstanding Natural Beauty, close to the village of Broadway. The Fish will provide you with walking maps and Muck Boots so you can head outdoors. The surrounding Farncombe Estate offers clay pigeon shooting, falconry or even a spot of duck herding. Doubles from £199 a night; The Faroes, a 90-minute flight from Edinburgh, are picturesque gems just waiting for adventurers – think vast swathes of wilderness, miles of mountain hiking trails and a surprisingly exciting foodie scene (puffin and potatoes, anyone?) There are few hotels on the islands, but thankfully, one of them is Føroyar, a light-filled shrine to simple living on the edge of the islands' capital, Tórshavn. Take a guided or self-guided hike straight from the hotel – not to be missed is the Old Postman's Trail to the iconic tumbling Múlafossur waterfall. Doubles from £74 a night; Whether you choose a shepherd's hut, a log cabin or a cosy bedroom, Northern Ireland is your oyster if you base yourself at Galgorm. Drive the 195-mile Causeway Coastal route as it winds past pastel-hued fishing villages, white-sand beaches and the magnificent Giant's Causeway. Or take a guided hike to the summit of Slemish Mountain, an extinct volcano said to have been the stomping grounds of St Patrick. The hotel's glowing coal fires, relaxed bar and riverside hot tubs are perfect for tired explorers. Doubles from £180 a night; Aptly named, Ion's Adventure Hotel is all about outward-bound experiences. From here you can go riding on Icelandic horses, snorkel in the astonishingly clear waters of Þingvellir National Park or hike among the rainbow-striped mountains and geothermal hot springs of Landmannalaugar. While a stay here is, ultimately, all about the dramatic landscapes, the hotel itself is a bit of a hygge haven, with sleek modern rooms and a candlelit restaurant. Doubles from £260 a night;
