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Reuters
21-07-2025
- Business
- Reuters
Russia-backed Indian refiner condemns EU curbs, weighs legal options
NEW DELHI, July 21 (Reuters) - Russia-backed Indian refiner Nayara Energy on Monday condemned the European Union's sanctions on it and said it was exploring legal options against the latest "restrictive measures". On Friday, the EU approved its 18th package of sanctions against Russia over its war in Ukraine, which includes sanctions on Nayara Energy, a refinery backed by Russian oil major Rosneft ( opens new tab. "Nayara Energy strongly condemns the European Union's unjust and unilateral decision to impose restrictive measures on our company," it said in a statement. Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners. "We are actively exploring all legal and appropriate avenues to address this situation and to protect the interests of our operations, employees, and our stakeholders," Nayara said, asserting that the latest EU sanctions had "no legal basis". The company, which operates a 400,000 barrels per day refinery in western India, has lined up more than 700 billion rupees ($8.1 billion) of investment for projects including petrochemicals and the expansion of its fuel retail stations. "We categorically state that this unilateral move by the European Union is founded on baseless assertions, representing an undue extension of authority that ignores both international law and the sovereignty of India," it said. India has said it does not support "unilateral sanctions" by the EU. ($1 = 86.2980 Indian rupees)
Reuters
21-07-2025
- Business
- Reuters
India's Nayara tweaks payment terms for product export tender after EU sanctions
NEW DELHI, July 21 (Reuters) - Nayara Energy, an Indian refiner part-owned by Russia's Rosneft ( opens new tab and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters. The tweak in payment terms comes after the European bloc released on Friday its 18th package of sanctions which included Nayara Energy. Rosneft, Russia's biggest oil producer, said on Sunday the sanctions were unjustified and illegal. Nayara sought advance payment or a letter of credit from the potential buyer for the 33,000-35,000-metric ton naphtha cargo to load during August 14 to 18, the document showed. The tender will close on Monday with bids valid on the same day. The company also issued a jet fuel sale tender on Friday, but it remains unclear if it was awarded as the company was looking to change payment terms, a trader familiar with the matter said. Nayara has yet to reissue the tender, the source added. Nayara did not immediately respond to a Reuters email seeking comment. Rosneft holds a 49.13% stake in Nayara Energy and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners.
