Latest news with #NicholasLua
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Business Standard
21-07-2025
- Business
- Business Standard
Russia-linked refinery tightens sale terms, seeks early payment after curbs
By Nicholas Lua and Rakesh Sharma A refinery in India that's part-owned by a Russian energy producer tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions. Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender asked for no such requirements. ALSO READ: Oil prices change little as investors eye impact of new sanctions on Russia The global oil market is tracking the evolving web of restrictions against Russia-linked energy products and producers as the EU and other groups escalate their response to Moscow's invasion of Ukraine. The latest EU package of moves — which also included a lower price cap on cargoes of Russian crude, as well as planned curbs on products made from Russian petroleum — was unveiled last week, spurring swings in crude futures. India has evolved as a critical destination for Russian crude oil, as western nations shunned imports of the commodity after Moscow attacked Kyiv in 2022. Still, the EU has until now remained an important market for petroleum products made from Russian crude, and hadn't targeted Nayara. ALSO READ: Indian refiners unfazed by European Union's new Russia oil sanctions In a weekend statement, Rosneft said the newly-imposed EU sanctions against Nayara were 'unjustified and illegal.' Nayara operates a 400,000-barrel-a-day refinery, and owns nearly 7,000 fuel outlets across India. It is also developing an integrated petrochemicals plant next to its refinery. A request to Nayara for comment didn't get an immediate reply. Naphtha is used to make petrochemicals.
Bloomberg
09-06-2025
- Business
- Bloomberg
A Niche Plastics Ingredient Becomes a Trade War Bargaining Chip
Welcome to our guide to the commodities markets powering the global economy. Today, Singapore-based reporter Nicholas Lua explains why trade war watchers should be paying more attention to one particular hydrocarbon. When the world's two biggest economies go head-to-head, collateral damage is inevitable — just ask China's petrochemicals executives.
Yahoo
24-05-2025
- Business
- Yahoo
Oil: OPEC+ Weighs Another Major Supply Hike
Oil headed for its first weekly decline in three, as OPEC+ members discussed another major production increase. Bloomberg's Nicholas Lua breaks down the situation.
