Latest news with #NayaraEnergy
Yahoo
an hour ago
- Business
- Yahoo
Ships carrying fuel from India's Nayara refinery in limbo, sources say
By Trixie Yap SINGAPORE (Reuters) -Three vessels laden with oil products from India's Nayara Energy have yet to discharge their cargoes, hindered by new EU sanctions on the Russia-backed refiner, according to shipping data and sources. Nayara Energy, which runs India's third-biggest refinery, is majority-owned by Russian entities, including oil major Rosneft. It was hit with European Union sanctions on July 18 targeting Russia and its oil trade, causing shippers and traders to shun dealing with its cargoes. The Panamax-sized tanker Alora, chartered by Nayara Energy and carrying around 60,000 metric tons (472,800 barrels) of jet fuel loaded in early June, has been anchored off Portugal's Sines port since arriving there on July 18, Kpler and LSEG data showed. The cargo has been paid for, said a person familiar with the matter. However, the vessel has been unable to discharge as some EU oil surveyors and other companies are reluctant to deal with products linked to a sanctioned entity, according to the person and a second source. Reuters was not able to learn the identity of the buyer. Sources for this article were not authorised to speak to media and declined to be identified. Nayara Energy did not immediately respond to a Reuters request for comment. It typically sells at least 2-3 spot cargoes of diesel and jet fuel per month. The refiner, which called the sanctions unjustified and illegal, has been forced to reduce operations at its 400,000-barrels-per-day crude unit due to fuel storage constraints. Some vessel owners have also asked to end their contracts, sources have said. TWO MORE TANKERS A second Panamax tanker, Em Zenith, had been scheduled to arrive at Malaysia's Tanjung Pelepas port this Thursday, but it reversed course on Tuesday and is anchored in the Straits of Malacca, Kpler and LSEG data showed. The Singapore-flagged ship is carrying around 40,000 tons of diesel loaded from Nayara Energy's Vadinar port in mid-July, according to the data. The cargo was likely intended to be used for bunker fuel blending, several industry sources said. Equatorial Marine owns Em Zenith, according to two shipbroking sources. The firm, a major bunker supplier in Singapore, did not immediately reply to a request for comment. A third tanker, Panamax-sized Pacific Martina, chartered by Shell, has been floating near the Gulf of Oman since last week after receiving 60,000 tons of jet fuel from Vadinar port on July 18. The cargo has yet to find a buyer, said the first source. Shell declined to comment. Last week, a crude tanker was diverted away from Nayara Energy's Vadinar port, and two product tankers skipped planned diesel loadings from the refiner.
News18
2 hours ago
- Business
- News18
Trump's Tariff Tactics Underscore India's Deep-Rooted Defence, Energy Ties With Russia
Last Updated: Trump's decision spotlights India's geopolitical balancing act as it maintains its longstanding relationships with Moscow amid shifting global alliances US President Donald Trump in a social media post on Wednesday announced new tariffs on India, citing its ongoing purchases of Russian military equipment and energy. His decision underscores India's geopolitical balancing act as it maintains its longstanding relationships with Moscow amid shifting global alliances. A legacy of defence ties with Russia India's defence relationship with Russia is deeply entrenched, dating back to the Cold War era when the Soviet Union became India's primary arms supplier due to limited options from Western nations. This partnership was solidified during critical moments, such as the 1971 India-Pakistan War, and has evolved into a 'Special and Privileged Strategic Partnership". Currently, over 50% of India's in-service military platforms are of Russian origin, including Su-30MKI fighter jets, T-90 tanks, and the powerful S-400 Triumf air defence systems. The reliance on Russian defence equipment is not just historical but practical. Russia has consistently provided competitive pricing, flexible payment terms, and essential technology transfer agreements, which Western countries have often hesitated to match. Joint programmes like the BrahMos cruise missile highlight the depth of this collaboration, moving beyond mere buyer-seller relationships to co-production and co-development. However, the ongoing conflict in Ukraine has led to challenges, including delays in deliveries of spare parts and new systems, prompting India to expedite its diversification efforts and enhance domestic defence production under the Make in India initiative. India's stand on Russian oil: Pragmatism and energy security India's substantial intake of Russian oil has also become a significant geopolitical issue, especially since the 2022 conflict in Ukraine. Before the war, Russia accounted for a negligible percentage of India's crude oil imports. As Western sanctions limited Russian energy exports, Moscow began offering substantial discounts, which India, the world's third-largest oil consumer and over 80% reliant on imports, readily accepted. This strategic shift resulted in Russian oil's share in India's imports soaring, at times exceeding 40% by 2024. India has defended this position, emphasising its duty to ensure energy security for its 1.4 billion citizens and stating it will not 'switch off its economy" to appease Western demands. Indian officials, including High Commissioner to the UK Vikram Doraiswami, have highlighted perceived double standards, noting that many European nations continue to engage in other forms of trade with Russia. Despite the EU's sanctions impacting India's Nayara Energy due to its Russian connections, New Delhi has reiterated its opposition to unilateral sanctions not endorsed by the United Nations. The Trump administration's imposition of 25% tariffs on Indian exports, along with an additional penalty specifically targeting purchases of Russian oil and weapons, signals increased pressure from Washington. Despite this, India's stance remains firm: its energy procurement decisions are driven by national interest and the need to secure affordable resources, balancing its long-standing strategic partnerships with its growing global aspirations. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
2 hours ago
- Business
- New Indian Express
Microsoft restores services to Nayara Energy after temporary suspension
NEW DELHI: Tech giant Microsoft on Wednesday said it has restored services to Nayara Energy, a Russia-linked Indian oil and fuel company, two days after the latter claimed its access to Microsoft services was suddenly cut off. In a statement, Microsoft said it is 'committed to supporting all its customers in India and worldwide and has restored services for Nayara Energy.' The company also said, 'We are engaged in ongoing discussions with the European Union towards service continuity for the organisation.' Nayara Energy runs fuel retail outlets in India. Russian oil major Rosneft owns a 49.13% stake in the firm, while the rest is mostly owned by an Indian group backed by foreign companies Trafigura and UCP Investment Group. Earlier this week, Nayara filed a petition in the Delhi High Court. It alleged that Microsoft suddenly stopped essential services without warning. The company asked the court to order Microsoft to restore access to protect its rights and keep its digital systems running.
Russia Today
4 hours ago
- Business
- Russia Today
Microsoft restores services to sanctioned Indian refiner
Microsoft has resumed providing critical digital services to Indian refiner Nayara Energy after the latter sued the US tech giant in the Delhi High Court. Nayara, a company partly owned by Russia's Rosneft, told the court on Monday that Microsoft had restricted its access to data, proprietary tools, and products on account of European Union sanctions. 'Microsoft is committed to supporting all its customers in India and worldwide, and has restored services for Nayara Energy,' the company said in a statement on Wednesday. 'We are engaged in ongoing discussions with the European Union towards service continuity for the organization.' The refiner said on Wednesday that its services had been restored. 'Nayara Energy confirms that all Microsoft services critical to its operations have been fully restored, with no disruption to business continuity and data integrity remaining fully intact,' it said in a statement. 'We acknowledge the prompt intervention of the Honorable Delhi High Court in facilitating the resolution of this matter. The petition was disposed of by the High Court in favour of Nayara Energy.' The court granted the company the liberty to approach it again should similar grievances arise, according to the report. Nayara had requested an interim injunction and the resumption of Microsoft's services to protect its rights and ensure uninterrupted access to critical digital infrastructure. The company said in a statement on Tuesday that Microsoft's decision set a 'dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem.' The refiner has meanwhile begun migrating to domestic digital service providers to ensure business continuity, according to a report in the Mint newspaper. It had initiated the legal action to obtain urgent relief while pursuing broader strategic transitions to alternative service providers, the report added. Earlier this month, the EU imposed sanctions on the Vadinar refinery, which is controlled by Nayara, an Indo-Russian joint venture in which Rosneft holds a 49% stake. The sanctions specifically target the oil sector and include a ban on importing refined petroleum products made from Russian crude. This marked the first time an Indian refiner has been subject to such measures.
News18
5 hours ago
- Business
- News18
Microsoft restores services to Nayara, lawsuit disposed of
Agency: New Delhi, Jul 30 (PTI) Microsoft Corp has restored all services, including email access, to Russian oil giant Rosneft-backed Nayara Energy, following which a lawsuit brought against the move has been disposed of in favour of the refiner. Both Nayara and Microsoft confirmed restoration of services. Microsoft restored services just before the Delhi High Court was to hear Nayara's petition against the 'unilateral" suspension of services. 'Nayara Energy confirms that all Microsoft services critical to its operations have been fully restored, with no disruption to business continuity and data integrity remaining fully intact," the company said in a statement. The oil refiner was using paid services from Microsoft Corporation India Pvt Ltd. These were abruptly and unilaterally discontinued by Microsoft on Monday. In response, Nayara moved the Delhi High Court, which on July 28 issued notice on the petition. Subsequently, and prior to the hearing, Microsoft restored full access to email, Microsoft Teams, and other services for Nayara on Wednesday at 10.00 Hrs. When the matter was taken up, the Court recorded that the immediate grievance stood resolved, while expressly granting Nayara the liberty to approach the Court again if issues recur, and directed Microsoft to address any further concerns raised by Nayara. The petition was disposed of by the High Court in favour of Nayara Energy. 'We acknowledge the prompt intervention of the Hon'ble Delhi High Court in facilitating the resolution of this matter. The petition was disposed of by the High Court in favour of Nayara Energy," the statement said. Microsoft on Monday suspended its services to Nayara Energy after the European Union included the company in a new round of sanctions against Russia over the Ukraine war. A Microsoft spokesperson confirmed restoration of Nayara services. 'Microsoft is committed to supporting all its customers in India and worldwide, and has restored services for Nayara Energy. We are engaged in ongoing discussions with the European Union towards service continuity for the organization," the spokesperson said. Nayara Energy said it 'is an Indian company, committed to fueling the nation's growing energy needs.. 'As a trusted partner in India's energy journey, we remain focused on ensuring uninterrupted energy supply, advancing the country's refining and retail capabilities, creating employment opportunities, and supporting India's path toward energy self-sufficiency and economic growth," it said. Nayara had called the action by Microsoft unilateral. 'Nayara Energy has initiated legal proceedings against Microsoft following the abrupt and unilateral suspension of critical services. Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products – despite these being acquired under fully paid-up licences," the company had said in a statement on July 28. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonnes per year oil refinery at Vadinar in Gujarat and runs over 6,750 petrol pumps across the country. An investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.). 'This decision, based solely on Microsoft's unilateral interpretation of recent European Union (EU) sanctions, sets a dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem," Nayara had said. The firm had said it had filed a petition before the High Court of Delhi seeking an interim injunction and resumption of services to safeguard its rights and ensure continued access to essential digital infrastructure. 'These steps are aimed at preventing any potential disruption to Nayara's ability to meet its obligations to Indian consumers and stakeholders," it had said. Nayara believes that while the sanctions originate exclusively from the EU, Microsoft – a US-headquartered corporation – chose to withdraw services from the company without any legal requirement to do so under US or Indian law. top videos View all 'This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability," it had said. Nayara accounts for about 8 per cent of the country's total refining capacity and 7 per cent of its retail petrol pump network. PTI ANZ ANZ MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 30, 2025, 18:30 IST News agency-feeds Microsoft restores services to Nayara, lawsuit disposed of Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
