Latest news with #BP-chartered
Time Business News
5 days 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
Economic Times
6 days 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
6 days 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
New Indian Express
7 days ago
- Business
- New Indian Express
Rosneft's Nayara stake sale: How EU sanctions could derail the deal
CHENNAI: Russian oil major Rosneft's proposed sale of its 49.13% stake in India-based Nayara Energy has hit a significant obstacle following the European Union's latest round of sanctions targeting Russia's oil sector. The sanctions, announced on July 18, have directly impacted Nayara's operations and complicated Rosneft's efforts to divest its interest in the company. Rosneft has been exploring exit options from Nayara for some time, citing difficulties in repatriating dividends due to existing sanctions. Preliminary discussions had reportedly taken place with several Indian conglomerates, including Reliance Industries, Adani Group, and JSW Group. However, the valuation of Nayara Energy—estimated at over $20 billion—and geopolitical considerations had already made the process complex before the latest sanctions. It may be recalled that several governments and international organizations—led by the United States and the European Union—imposed sanctions on Russian individuals and entities in response to the annexation of Crimea by the Russian Federation and the 2022 invasion of Ukraine. There were mainly three types of sanctions imposed on Russia, including ban on provision of technology for oil and gas exploration, ban on provision of credits to Russian oil companies and state banks, travel restrictions on the influential Russian citizens close to President Putin and involved in the annexation of Crimea. Nayara's Vadinar refinery in Gujarat has been designated for restrictions by the EU's 18th sanctions, citing its ties to Rosneft and its role in refining Russian crude. The new measures include asset freezes, limits on financial and shipping services, and bans on importing petroleum products that are refined from Russian oil, even if processed in third countries such as India. These developments have significantly raised the risk for any potential buyer. The restrictions have already begun to affect Nayara's operations—most notably, a BP-chartered tanker reportedly left the port without loading crude following the sanctions announcement. Nayara has since adjusted its export payment terms, requiring advance payments to navigate the tightening compliance environment.
Yahoo
16-04-2025
- Business
- Yahoo
BP begins loading its first LNG cargo from Venture Global's Calcasieu Pass plant
By Curtis Williams (Reuters) - BP Plc (BP) will begin loading its first shipment of liquefied natural gas from Venture Global's (VG) Calcasieu Pass plant in Louisiana on Wednesday, according to LSEG data. The BP-chartered vessel British Mentor was about to dock at the Calcasieu Pass port. It is the first cargo BP is receiving from the export facility under its supply contract, more than three years after Venture Global started selling LNG from the plant on the spot market. Galp Energia said earlier on Wednesday that it had lifted its first cargo from Calcasieu Pass, signaling the start of the 20-year supply agreement signed in 2018 for 1 million tonnes per annum of LNG from the plant. Galp's cargo was loaded onto the Gaslog Wellington, LSEG data showed. The two cargos are the first since Venture Global finished commissioning Calcasieu Pass on April 15. Shares of Venture Global jumped more than 10% in early afternoon trading. Venture Global is the second largest LNG producer in the U.S. and has helped make the U.S. the world's largest exporter of the supercooled gas. Venture Global's years-long delay in providing cargoes to contracted customers of the Calcasieu Pass led to a contentious battle with companies including BP, Galp, Shell, Orlen, Edison and Repsol. They accused Venture Global of dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global has blamed the global pandemic, two hurricanes and a force majeure event triggered by issues with the facility's power island for the extended commissioning. Commissioning, or making sure a new plant's systems are functioning as designed, takes just months at many LNG facilities.
