Latest news with #NayaraEnergy
Time Business News
9 hours ago
- Business
- Time Business News
Sanctioned Nayara Energy Skips Naphtha Tender, Raises Concerns Over Future Trade Stability (EU Sanctions)
Sanctioned Nayara Energy Skips Naphtha Tender Amid EU Sanctions Vadinar | 24 July 2025 – In the first visible fallout since being placed under European Union sanctions, Indian refiner Nayara Energy has opted not to proceed with its recent spot export tender for naphtha, industry sources confirmed this week. The tender, floated earlier this month, called for the export of 33,000 to 35,000 metric tonnes of naphtha from the company's Vadinar terminal on India's western coast, scheduled to load between August 14 and 18. However, despite receiving commercial bids, Nayara did not award the cargo, raising eyebrows among traders and policy watchers alike. Sources familiar with the matter attribute the abrupt pause to revised payment terms introduced by the company, requiring either upfront payment or confirmed letters of credit—a departure from prior trade practices. The altered terms are being interpreted as a risk mitigation strategy in the wake of Nayara's inclusion in the EU's 18th sanctions package, which targets entities with Russian ownership or affiliations. Nayara Energy, which is nearly 49% owned by Rosneft, the Russian oil major, has been under scrutiny given its ties to Moscow. Although the company insists it operates independently under Indian regulatory oversight, Brussels' decision to target it stems from what EU officials describe as 'circumvention pathways' for Russian oil. This missed tender is not an isolated instance of disruption. In parallel, a BP-chartered vessel reportedly departed the Vadinar port without loading a scheduled cargo of ultra-low sulphur diesel. Another crude shipment destined for Nayara is said to have diverted to a separate Indian terminal, underscoring operational volatility. In a statement earlier this week, Nayara Energy denounced the EU's action as 'unjust and unilateral,' stating it is exploring legal avenues and will continue to adapt its commercial framework to protect business continuity. Yet, analysts warn that unless alternative trade mechanisms are swiftly put in place, Nayara's export flows—especially to Europe and the Far East—may see prolonged instability. Traders, meanwhile, are adopting a wait-and-watch stance, with some expressing reluctance to engage unless payment and compliance guarantees are crystal clear. India's Ministry of Petroleum has not officially commented, though senior officials privately expressed concern over the precedent this sets for Indian companies with international investors. As the sanctions saga unfolds, Nayara's situation may serve as a litmus test for India's broader energy diplomacycaught, as it is, between geopolitical realignments and market pragmatism.| Key Takeaways: Broader implications loom for India's energy exports and foreign policy positioning. Nayara Energy did not award its latest naphtha export tender. The move follows newly imposed EU sanctions targeting its Russian shareholding. Revised payment terms may have discouraged participation. TIME BUSINESS NEWS
Business Recorder
10 hours ago
- Business
- Business Recorder
Tanker with Russian oil for sanctions-hit Nayara Energy diverts to another Indian port, sources say
NEW DELHI: An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port, according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. It was not immediately clear why the cargo was not unloaded at Vadinar. Russia-backed Indian refiner condemns EU curbs The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Mittal Energy Investments, the sources said. HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.
Economic Times
a day ago
- Business
- Economic Times
How India's oil arbitrage has hit the European sanctions wall
On a rain-drenched July morning, a BP-chartered tanker waited silently off the coast of Gujarat. Its mission: load diesel from Nayara Energy's massive Vadinar refinery. But the ship sailed away empty. Reason? A new wave of EU sanctions had just landed — and Nayara, part-owned by Russia's state-run oil giant Rosneft, was suddenly radioactive. That aborted shipment wasn't an isolated glitch — it was a signal. A turning point in India's
Time of India
a day ago
- Business
- Time of India
How India's oil arbitrage has hit the European sanctions wall
On a rain-drenched July morning, a BP-chartered tanker waited silently off the coast of Gujarat. Its mission: load diesel from Nayara Energy's massive Vadinar refinery. But the ship sailed away empty. Reason? A new wave of EU sanctions had just landed — and Nayara, part-owned by Russia's state-run oil giant Rosneft, was suddenly radioactive. That aborted shipment wasn't an isolated glitch — it was a signal. A turning point in India's
Yahoo
2 days ago
- Business
- Yahoo
Second tanker to skip fuel loading at sanctions-hit Nayara, sources say
By Trixie Yap and Nidhi Verma SINGAPORE/NEW DELHI (Reuters) -A tanker will not load fuel from India's sanctions-hit Nayara Energy refinery as scheduled, according to three industry sources and LSEG shiptracking data, becoming the second such vessel to change plans following the European Union measures. Nayara Energy, in which Russia's largest oil producer Rosneft has a 49.13% stake, was hit in a fresh package of sanctions imposed on Friday by the European Union over Russia's war on Ukraine that began in February 2022. The Chang Hang Xing Yun is now tentatively set to load about 35,000 metric tons (260,750 barrels) of ultra-low sulphur diesel (ULSD) from Kuwait on August 1 before heading to East Africa, according to data from LSEG shiptracking and a shipping source on Wednesday. Chartered by PetroChina, it was previously scheduled to load about 35,000 tons of diesel from July 29 to 31 at Nayara Energy's Vadinar port, with the cargo bound for either Southeast Asia or Chittagong in Bangladesh, Reuters had reported. PetroChina and Nayara Energy did not immediately respond to requests for comment. The ship was still positioned off the west coast of India on Wednesday. Earlier, the tanker Talara, chartered by BP, left Nayara's Vadinar port without loading, Reuters reported on Tuesday. The refiner also did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. An official from one of India's state refiners said they would not buy Nayara's products as they already had sufficient supplies to meet local demand for this fiscal year. The state refiners, which dominate India's retail fuel sales, will also seek government permission before signing any fresh fuel purchase deals with Nayara, he said. Nayara will have to sell its fuel at substantial discount to make a case for state retailers or consumers to purchase its fuel, he added. On Monday, Nayara Energy said it condemned the EU's "unjust and unilateral" decision to impose sanctions, while India also has said it did not support the bloc's sanctions. "Direct sanctions on Nayara Energy's Vadinar refinery affects around 15,000 bpd of jet imports into Europe, but as banks may look to limit exposure, credit lines necessary for crude supply into Vadinar may also be impacted, forcing run cuts," Energy Aspects analysts said in a blog post late last week. Overall, the new EU sanctions are putting at risk 200,000 bpd of ULSD and 50,000 bpd of jet fuel imports into Europe, as other refineries in India and Turkey are likely to continue to process Russian crude, they added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
