Latest news with #NayaraEnergy
New Indian Express
an hour 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
an hour ago
- Business
- Yahoo
Second tanker to skip fuel lifting from sanctions-hit Nayara, sources say
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 strictures. Nayara Energy, which is partly-owned by Russia's largest oil producer Rosneft, fell foul of a fresh package of sanctions imposed on Friday by the European Union over Russia's war on Ukraine, begun 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 from Kuwait on August 1 before heading to east Africa, according to data from LSEG shiptracking and a shipping source on Wednesday. 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, chartered by PetroChina, 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 Energy's Vadinar port without loading, Reuters reported on Tuesday. On Monday, Nayara Energy said it condemned the EU's "unjust and unilateral" decision to impose sanctions on it, while India also has said it did not support the bloc's sanctions. 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
Reuters
an hour ago
- Business
- Reuters
Second tanker to skip fuel lifting from sanctions-hit Nayara, sources say
SINGAPORE/NEW DELHI, July 23 (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 strictures. Nayara Energy, which is partly-owned by Russia's largest oil producer Rosneft ( opens new tab, fell foul of a fresh package of sanctions imposed on Friday by the European Union over Russia's war on Ukraine, begun 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 from Kuwait on August 1 before heading to east Africa, according to data from LSEG shiptracking and a shipping source on Wednesday. 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, chartered by PetroChina, 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 Energy's Vadinar port without loading, Reuters reported on Tuesday. On Monday, Nayara Energy said it condemned the EU's "unjust and unilateral" decision to impose sanctions on it, while India also has said it did not support the bloc's sanctions.
Economic Times
5 hours ago
- Business
- Economic Times
BP-chartered tanker leaves port of Nayara Energy without loading diesel, sources say
The oil tanker Talara, chartered by BP, departed from India's Vadinar port without loading diesel as scheduled. The vessel was expected to load ultra low sulphur diesel for Africa on July 21. This occurred after Nayara Energy, partly owned by Rosneft, faced EU sanctions for dealing with Russian oil. Tired of too many ads? Remove Ads Oil tanker Talara, chartered by energy major BP , has left the Vadinar port of Indian refiner Nayara Energy without loading diesel as planned, according to two industry sources and shipping data on vessel was supposed to load ultra low sulphur diesel on July 21 with the cargo bound for Africa, LSEG data Energy, partly owned by Russia's largest oil producer Rosneft , was among companies sanctioned by the European Union on Friday for dealing with Russian oil
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Business Standard
17 hours ago
- Business
- Business Standard
Rosneft's Nayara Energy stake sale hits EU sanctions major roadblock
Rosneft's proposed sale of its stake in Nayara Energy has encountered a significant roadblock due to the European Union's latest sanctions on Russia's oil sector Dev Chatterjee Mumbai Listen to This Article The proposed sale of Russian energy giant Rosneft's 49.13 per cent stake in Nayara Energy — which operates India's largest single-location refinery at Vadinar — has run into a major obstacle following the European Union's latest sanctions targeting Russia's oil sector. Rosneft has been looking to exit the Indian venture, with reports pegging Nayara's total valuation at around $17 billion. Reliance Industries is currently seen as the frontrunner in the race to acquire the stake. However, the EU's additional sanctions package, announced last week in response to Russia's invasion of Ukraine, includes Nayara Energy among the entities targeted due to
