Latest news with #Rosneft
Reuters
an hour ago
- Business
- Reuters
Rosneft says ex-Qatari energy minister re-elected as company chairman
MOSCOW, July 21 (Reuters) - Russia's largest oil producer Rosneft ( opens new tab said on Monday that former Qatari energy minister Mohammed Bin Saleh Al-Sada had been re-elected as company chairman. One of the key tasks for Al-Sada, who was first elected in June 2023, will be navigating Rosneft through the latest sanctions imposed by the European Union. Rosneft called the sanctions, which also targeted India's Nayara Energy refinery in which it has a stake, "unjustified and illegal". It said the EU move against Nayara directly threatened India's energy security. Al-Sada was Qatar's minister of energy and industry, and chairman of the board of Qatar Petroleum (now QatarEnergy) from 2011 to 2018.
Yahoo
2 hours ago
- Business
- Yahoo
New EU Sanctions Package Sparks Oil Price Debate
Crude oil prices began trade this week with a modest gain after on Friday the European Union approved the 18th package of sanctions against Russia, targeting once again its energy industry with a lower price cap and specific sanctions against energy companies. Brent crude was trading at $69.35 per barrel at the time of writing, and West Texas Intermediate was trading at $67.52 per barrel. Russia's flagship Urals, which the EU has now capped at 15% below its market price in an attempt to make the whole idea of a price cap work after indirectly admitting the current price cap, at $60 per barrel, did not do a whole lot to stem the flow of Russian crude into international markets. ING commodity analysts said the 18th sanction package was unlikely to affect sentiment among oil traders given the ineffectiveness of previous packages. They also noted that the EU may agree to lower the price cap but without the U.S., the original $60 price cap cannot be changed. Moreover, the analysts wrote in a note earlier today, 'The EU has also sanctioned another 105 vessels, leaving a total of 444 vessels in Russia's shadow fleet affected. The lack of reaction shows that the market is not convinced by the effectiveness of these sanctions.' Rosneft, however, slammed the latest round of sanctions because they also involve an Indian refiner. 'The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market. The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy,' Russia's largest oil company said on Sunday. Elsewhere, worry continues about the potential impact of U.S. tariffs on European Union countries and their demand for oil. That worry will probably remain in place until the end of the month, which should bring either a trade deal or the entry into effect of tariffs from August 1. By Irina Slav for More Top Reads From this article on 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
Russia Today
3 hours ago
- Business
- Russia Today
EU sanctions on Indian refinery ‘unjustified and illegal'
Rosneft has denounced the EU's decision to impose sanctions on India's second largest refinery, calling it 'unjustified and illegal.' On Friday, the bloc announced sanctions on the Vadinar refinery, which is owned by Nayara Energy, an Indo-Russian joint venture in which Rosneft has a 49% stake. 'Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal,' the company said in a statement on Sunday. 'These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state.' The Russian oil major added that the sanctions on Nayara Energy are another example of the EU's unfair competition practices. Mind Your Double Standards! Which Nations Will the EU's New Sanctions Impact for Exports from India?The EU of course! The Global Trade Research Initiative highlights a select few nations are exempt from receiving third party Russian petroleum products - including the US, UK,… Announcing its 18th package of sanctions on Russia over the Ukraine conflict on Friday, the EU also imposed punitive measures on India's flag registry, the official list of all the ships that fly a country's flags. The Vadinar refinery has an annual capacity of 20 million tons. The EU is a major buyer of Russian crude refined at Vadinar, according to media reports. Rosneft clarified that it does not hold a controlling stake in Nayara, as it owns less than 50% of the company's authorized capital. Calling the sanctions on Nayara 'far-fetched and false in content,' it said the company is an Indian entity, taxed in India, with profits reinvested in India's refinery, petrochemical, and retail network. 'The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy,' Rosneft added. In a statement on Friday, the Indian Foreign Ministry said New Delhi 'does not subscribe to any unilateral sanction measures' and is a 'responsible actor' in the global energy sector.
Reuters
3 hours ago
- 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.
Bloomberg
4 hours ago
- Business
- Bloomberg
Russia-Linked Refinery in India Seeks Early Payment After Curbs
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.
