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Time of India
a day ago
- Business
- Time of India
Shippers ask to end contracts with Russian-backed refiner Nayara
The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner. Nayara, majority-owned by Russian entities including oil major Rosneft , runs India's third-biggest refinery and exports refined products and also supplies them domestically. Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters. Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them "unjust and unilateral". Seven Islands and GESCO did not immediately respond to requests for comment. Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed. Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd, sources said. The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said. HPCL and Sanmar did not immediately respond to requests for comment. India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022. Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there. Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft after the U.S. software giant suspended services to the firm.
Economic Times
2 days ago
- Business
- Economic Times
Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said. The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. Privately held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd. Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
Time of India
2 days ago
- Business
- Time of India
Troubles mount! Russia-backed Indian oil refinery reels from EU sanctions blow; Nayara faces new challenges as shippers look to end contracts
Nayara Energy, operates India's third-largest refinery and supplies petroleum products both domestically and internationally. (AI image) EU sanctions on Russia oil have started causing troubles for Russia-backed Indian refinery Nayara Energy. After news of shipping operators showing reluctance to work with Nayara and Microsoft's abrupt suspension of IT services for the company, it has come to light that shippers have asked to end contracts. Nayara Energy, operates India's third-largest refinery and supplies petroleum products both domestically and internationally. It is majority owned by Russian organisations, including the oil giant Rosneft . The new European Union sanctions announced on July 18, aimed at Russia and its energy sector due to the ongoing conflict in Ukraine, have significantly impacted Nayara's operations. Nayara Energy Hit Badly By EU Sanctions According to a Reuters report, Nayara Energy has had to scale down activities at its 400,000-barrels-per-day refinery because of limitations in fuel storage capacity. Now, three shipowners engaged by India's Nayara Energy have requested termination of their vessel contracts with the company,six sources with knowledge of the situation told Reuters. Also Read | EU sanctions on Russia oil: Indian arm of UAE-based shipping company takes a hit; Indian-origin captain of crude oil tanker faces sanctions Two prominent Indian shipping companies, Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO), have requested Nayara to terminate contracts for three clean products tankers, citing sanctions-related issues, according to sources quoted in the report. The vessels in question include two medium-range ships, Bourbon and Courage, operated by Seven Islands, whilst GESCO has requested the return of its vessel, Jag Pooja, the report said. Nayara, headquartered in Mumbai, has expressed opposition to EU sanctions, describing them as "unjust and unilateral". According to data from analytics company Kpler, the vessel Bourbon is stationed near India's western Vadinar port, adjacent to Nayara's refinery. Meanwhile, Courage and Jag Pooja remain positioned off the ports of Kochi and Ennore, respectively. According to Reuters, sources and LSEG data indicated that Sanmar Songbird, a vessel chartered by state-owned Hindustan Petroleum Corp, was originally set to collect gasoline from Nayara on Tuesday. However, the vessel has been redirected to collect from Mangalore Refinery and Petrochemicals Ltd instead. Also Read | Russia oil trouble hits: Shipowners and oil traders avoiding Russia-backed Nayara Energy in India; impact after EU sanctions The route change occurred because of imposed restrictions and insufficient insurance coverage for the journey, the sources said. Since Russia began its full-scale military operation in Ukraine in early 2022, India has emerged as the primary buyer of Russian seaborne crude oil. Reuters reported last week that a vessel carrying Russian Urals crude changed course from Nayara's Vadinar port after the EU sanctions announcement, whilst two additional vessels cancelled loading refined products at the facility. Multiple Troubles For Nayara After it was hit by EU sanctions, Nayara's CEO Alessandro des Dorides resigned. The company appointed Sergey Denisov as its new chief executive. A longstanding executive who joined Nayara in 2017, Denisov succeeds des Dorides, whose brief tenure as CEO began in April 2024 but concluded due to increased regulatory scrutiny over the company's connections with Russian petroleum giant Rosneft. Nayara Energy's Indian refinery has also been forced to tie-up with local IT service provider after Microsoft withdrew its support following new sanctions imposed on Russian oil. Also Read | EU sanctions hit Russia-backed Nayara hard! Indian refinery switches to local firm after Microsoft suspends services; here's what's happening Nayara employees have lost access to Microsoft's Outlook email and Teams messaging services since last Tuesday when the tech giant terminated its relationship with the company. While employees can now communicate internally using platform, they are unable to retrieve their historical communications and emails stored on Microsoft's cloud servers. Nayara has reportedly filed a legal case against Microsoft at the Delhi High Court on Monday, challenging the company's decision to discontinue services. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Reuters
3 days ago
- Business
- Reuters
Exclusive: Shippers ask to end contracts with Russian-backed refiner Nayara, sources say
NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner. Nayara, majority-owned by Russian entities including oil major Rosneft ( opens new tab, runs India's third-biggest refinery and exports refined products and also supplies them domestically. Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints. India-based Seven Islands Shipping Ltd ( opens new tab and Great Eastern Shipping Co ( opens new tab (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters. Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them "unjust and unilateral". Seven Islands and GESCO did not immediately respond to requests for comment. Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed. Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp ( opens new tab, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd ( opens new tab, sources said. The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said. HPCL and Sanmar did not immediately respond to requests for comment. India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022. Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there. Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft (MSFT.O), opens new tab after the U.S. software giant suspended services to the firm.
Yahoo
3 days ago
- Business
- Yahoo
Exclusive-Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
By Nidhi Verma and Mohi Narayan NEW DELHI (Reuters) -The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said. The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. Privately held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd. Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
