Latest news with #naphtha
Reuters
19 hours ago
- Business
- Reuters
Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources
NEW DELHI, July 23 (Reuters) - Russia-backed Indian refiner Nayara Energy, sanctioned by the European Union, did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. This is the first case of the private refiner skipping the award of a tender since the European bloc released its 18th package of sanctions last week, which included Nayara Energy, part-owned by Rosneft ( opens new tab. Nayara, which operates a 400,000 barrels-per-day refinery in western Gujarat state, had revised the terms and sought advance payment or a letter of credit for sale of the 33,000–35,000 metric ton cargo scheduled for August 14-18 loading. The tender closed on Monday. Nayara did not immediately respond to Reuters' emails seeking comment. A tanker chartered by energy major BP left a port run by Nayara Energy without loading, a sign fresh European Union curbs on Russia are beginning to bite. Nayara has condemned the EU's decision to impose sanctions on the company as "unjust and unilateral".
Reuters
3 days 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.
Yahoo
16-07-2025
- Business
- Yahoo
New plants, US trade worries to drive China's 2025 naphtha imports to record
By Mohi Narayan and Sam Li NEW DELHI/BEIJING (Reuters) -China's naphtha imports will hit record levels this year as new plants and caution over U.S. propane and ethane purchases will drive demand and support refiners' margins for the petrochemical feedstock, analysts and traders said. Cracker operators in the world's largest petrochemical producer, which pivoted in recent years to cheaper U.S. propane and ethane feedstock, are switching some demand back to naphtha after being ensnared in the U.S.-China trade war that disrupted their U.S. supplies, the sources said. The need to diversify supplies and to meet demand from new plants will drive naphtha imports to an all-time high of 16 million to 17 million metric tons (144 million to 153 million barrels) this year, consultancies Rystad Energy and FGE said. JLC pegs 2025 imports at about 15 million tons. China imported about 12 million tons in 2024, official data showed. "With issues in imports of ethane and propane, there is a trust factor that has come into play when it comes to U.S. cargoes," said Pankaj Srivastava, senior vice president, commodity markets at Rystad Energy. "Naphtha, on the other hand, is independent of these concerns because suppliers are varied." A total of 4 million tons per year (tpy) of ethylene capacity is slated to come online in China by end-2025, aiding import demand, and this will increase to about 6 million tpy by first half of 2026, he added. The International Energy Agency (IEA) said in its July report that China's naphtha demand is expected to rise by about 6% in 2025 and by 8.6% in 2026, significantly outpacing the combined growth of propane and ethane, which is projected at just 2.3% in 2025 and 1.3% in 2026. Following the disruption in U.S. supply, China issued a second batch of 2025 naphtha import quotas in June totalling nearly 24 million tons, nearly doubling last year's allocations. China imported nearly 6 million tons of naphtha between January and May, up 22.81% on-year and the highest level since 2015, government data showed, with Russia, the United Arab Emirates and South Korea the biggest suppliers. This compares with a 6% on-year rise in propane imports to 12.3 million tons in the first five months, while ethane imports were flat at 2.3 million tons in the same period, government data showed. China's liquefied petroleum gas (LPG) imports, which include propane, are likely to stay lower in the third quarter amid cautious buying of U.S. cargoes, Energy Aspects said in a July 4 note. The robust naphtha demand is expected to underpin Asian refiners' margins, analysts said. Naphtha margins have risen about 4% this month to $73.30 over Brent crude on hopes of healthy feedstock demand from China. "Increased pull from China will provide support to (naphtha) cracks towards the middle of third quarter to fourth quarter," Rystad's Srivastava said. 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
Yahoo
16-07-2025
- Business
- Yahoo
New plants, US trade worries to drive China's 2025 naphtha imports to record
By Mohi Narayan and Sam Li NEW DELHI/BEIJING (Reuters) -China's naphtha imports will hit record levels this year as new plants and caution over U.S. propane and ethane purchases will drive demand and support refiners' margins for the petrochemical feedstock, analysts and traders said. Cracker operators in the world's largest petrochemical producer, which pivoted in recent years to cheaper U.S. propane and ethane feedstock, are switching some demand back to naphtha after being ensnared in the U.S.-China trade war that disrupted their U.S. supplies, the sources said. The need to diversify supplies and to meet demand from new plants will drive naphtha imports to an all-time high of 16 million to 17 million metric tons (144 million to 153 million barrels) this year, consultancies Rystad Energy and FGE said. JLC pegs 2025 imports at about 15 million tons. China imported about 12 million tons in 2024, official data showed. "With issues in imports of ethane and propane, there is a trust factor that has come into play when it comes to U.S. cargoes," said Pankaj Srivastava, senior vice president, commodity markets at Rystad Energy. "Naphtha, on the other hand, is independent of these concerns because suppliers are varied." A total of 4 million tons per year (tpy) of ethylene capacity is slated to come online in China by end-2025, aiding import demand, and this will increase to about 6 million tpy by first half of 2026, he added. The International Energy Agency (IEA) said in its July report that China's naphtha demand is expected to rise by about 6% in 2025 and by 8.6% in 2026, significantly outpacing the combined growth of propane and ethane, which is projected at just 2.3% in 2025 and 1.3% in 2026. Following the disruption in U.S. supply, China issued a second batch of 2025 naphtha import quotas in June totalling nearly 24 million tons, nearly doubling last year's allocations. China imported nearly 6 million tons of naphtha between January and May, up 22.81% on-year and the highest level since 2015, government data showed, with Russia, the United Arab Emirates and South Korea the biggest suppliers. This compares with a 6% on-year rise in propane imports to 12.3 million tons in the first five months, while ethane imports were flat at 2.3 million tons in the same period, government data showed. China's liquefied petroleum gas (LPG) imports, which include propane, are likely to stay lower in the third quarter amid cautious buying of U.S. cargoes, Energy Aspects said in a July 4 note. The robust naphtha demand is expected to underpin Asian refiners' margins, analysts said. Naphtha margins have risen about 4% this month to $73.30 over Brent crude on hopes of healthy feedstock demand from China. "Increased pull from China will provide support to (naphtha) cracks towards the middle of third quarter to fourth quarter," Rystad's Srivastava said.
Reuters
16-07-2025
- Business
- Reuters
New plants, US trade worries to drive China's 2025 naphtha imports to record
NEW DELHI/BEIJING, July 16 (Reuters) - China's naphtha imports will hit record levels this year as new plants and caution over U.S. propane and ethane purchases will drive demand and support refiners' margins for the petrochemical feedstock, analysts and traders said. Cracker operators in the world's largest petrochemical producer, which pivoted in recent years to cheaper U.S. propane and ethane feedstock, are switching some demand back to naphtha after being ensnared in the U.S.-China trade war that disrupted their U.S. supplies, the sources said. The need to diversify supplies and to meet demand from new plants will drive naphtha imports to an all-time high of 16 million to 17 million metric tons (144 million to 153 million barrels) this year, consultancies Rystad Energy and FGE said. JLC pegs 2025 imports at about 15 million tons. China imported about 12 million tons in 2024, official data showed. "With issues in imports of ethane and propane, there is a trust factor that has come into play when it comes to U.S. cargoes," said Pankaj Srivastava, senior vice president, commodity markets at Rystad Energy. "Naphtha, on the other hand, is independent of these concerns because suppliers are varied." A total of 4 million tons per year (tpy) of ethylene capacity is slated to come online in China by end-2025, aiding import demand, and this will increase to about 6 million tpy by first half of 2026, he added. The International Energy Agency (IEA) said in its July report that China's naphtha demand is expected to rise by about 6% in 2025 and by 8.6% in 2026, significantly outpacing the combined growth of propane and ethane, which is projected at just 2.3% in 2025 and 1.3% in 2026. Following the disruption in U.S. supply, China issued a second batch of 2025 naphtha import quotas in June totalling nearly 24 million tons, nearly doubling last year's allocations. China imported nearly 6 million tons of naphtha between January and May, up 22.81% on-year and the highest level since 2015, government data showed, with Russia, the United Arab Emirates and South Korea the biggest suppliers. This compares with a 6% on-year rise in propane imports to 12.3 million tons in the first five months, while ethane imports were flat at 2.3 million tons in the same period, government data showed. China's liquefied petroleum gas (LPG) imports, which include propane, are likely to stay lower in the third quarter amid cautious buying of U.S. cargoes, Energy Aspects said in a July 4 note. The robust naphtha demand is expected to underpin Asian refiners' margins, analysts said. Naphtha margins have risen about 4% this month to $73.30 over Brent crude on hopes of healthy feedstock demand from China. "Increased pull from China will provide support to (naphtha) cracks towards the middle of third quarter to fourth quarter," Rystad's Srivastava said.
