Latest news with #RussianUrals
Time of India
5 days ago
- Business
- Time of India
CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say
Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday. The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine. This week, a tanker carrying Russian Urals crude was diverted away from Nayara's Vadinar port to unload its cargo at another port in western India, Reuters reported. That came after two other tankers skipped loading refined products from Vadinar, Reuters reported. Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov's appointment was decided at a board meeting on Wednesday, they said. Nayara Energy did not immediately respond to a request for comment. Des Dorides, who joined Nayara Energy in April 2024, did not immediately respond to a message sent on LinkedIn. Denisov has been with the company since 2017. Nayara Energy has condemned the EU's "unjust and unilateral" decision to impose sanctions. Russia's 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. India, which has become the top importer of seaborne Russian oil in the aftermath of Moscow's Ukraine invasion, has also said it does not support the bloc's sanctions.
India.com
6 days ago
- Business
- India.com
Mukesh Ambani may make big move as EU, US pressure rises on Russian oil, Reliance boss may....
This businessman has earned maximum money in world this year so far, his name is..., Mukesh Ambani also in Top 10 Mukesh Ambani News: In a major development, Mukesh Ambani-led Reliance Industries may be shifting away from its dependence on Russian oil due to the escalating risk of secondary sanctions from the US and NATO. As per a Bloomberg report, Reliance Industries bought Murban crude from Abu Dhabi late last week. It is important to note that Murban isn't a regular buyer of the UAE grade. It is a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. The report further adds that Reliance had begun looking for ways to diversify its crude purchases away from Russia. The revelation comes as the European Union introduced fresh punitive measures this month against Russia's energy sector, including restrictions affecting the Vadinar refinery in Gujarat. To recall, the Indian refiners had increased their purchase after Europe and the US shunned Russian crudes in 2022. This led to a deep cargo discount. These were refined to produce fuels such as diesel before being resold to Western customers. The European Union has recently announced a ban on the import of diesel and other petroleum products derived from Russian crude oil. It has also placed direct sanctions on Nayara Energy — a refinery backed by Russian oil major Rosneft. Here are some of the key details: Reliance has emerged as one of the biggest 'beneficiaries' of the Ukraine-Russia conflict. Moscow has supplied almost half of Reliance's crude imports so far this year, as per the Ship-tracking data compiled by Kpler. Around one-fifth of the processor's total product exports were subsequently sold to Europe. Refining Russian crude into diesel for export to Europe has brought Reliance under scrutiny as part of the EU's latest efforts to pressure Moscow, with the ban scheduled to take effect on January 21 next year. Despite initial signs of a pivot towards the Middle East, it remains unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost. Is India dependent on Russian oil imports? During the first half of 2025, Indian oil imports from Russia rose marginally. According to the reports, nearly 35 percent of overall supplies came from Russia. Private refiners such as Reliance Industries Ltd and Nayara Energy made up approximately half of the purchases from Moscow. New Delhi has repeatedly stressed the need to avoid 'double standards' as top US and NATO officials threaten to impose 100% secondary sanctions on nations still importing Russian oil.
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Business Standard
6 days ago
- Business
- Business Standard
Reliance Industries faces scrutiny as EU targets diesel from Russian crude
By Yongchang Chin, PR Sanjai and Rakesh Sharma The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorised to speak publicly. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. An Airbus jet owned by Reliance Industries landed in Moscow's Vnukovo airport on Wednesday morning, according to data from flight tracking website FlightRadar24. The plane last took a flight to Russia last December, the data shows. It's not clear if Ambani was on board. A Reliance spokesman wasn't immediately available to comment. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
Time of India
6 days ago
- Business
- Time of India
Reliance in focus as EU warns refiners using Russia oil
The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
Time of India
7 days ago
- Business
- Time of India
Ambani's Reliance in focus as EU warns refiners using Russia oil
The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Leadership Others PGDM Finance others Healthcare CXO Operations Management Public Policy Artificial Intelligence healthcare Data Analytics Degree Project Management Digital Marketing Data Science Management Technology MCA Product Management Design Thinking Data Science Cybersecurity Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. Live Events According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
