Nayara Energy

The UK government has imposed sanctions to cut Russian oil revenues, targeting Putin's war funding and aiming to block money flowing to the Kremlin

Blocked from international markets by EU sanctions, the Russian-owned refinery has diverted more fuel to India and sought new export customers through various workarounds

The privately-owned company halted exports for about two weeks after it was sanctioned by the European Union on July 18 for dealing in Russian oil

Indian authorities have cleared EU-sanctioned Nayara Energy to use four foreign-flagged ships for coastal transportation of fuels such as petrol and diesel within the country, but its non-Russian overseas trade remains stalled due to the unavailability of banking channels. The Directorate General of Shipping has approved four foreign-flagged ships being used for the coastal movement of fuel produced by Nayara and efforts are being made to resolve the stalled dollar trade, government officials said. Nayara Energy did not reply to an email sent for comments. Nayara's Vadinar Refinery in Gujarat makes about 8 per cent of all fuel consumed in the country. Most of this was shipped from Gujarat to key consumption hubs along the west coast, reaching as far as Odisha on the east. This supply route was disrupted after the European Union in July imposed sanctions on Nayara. Shipowners wary of attracting secondary EU sanctions halted lifting of products from the Vadinar refinery. Shipping ...

Sanctions-hit Nayara Energy is operating at 60-80% of refining capacity and has raised supply of refined products to HPCL as EU curbs ended its exports

The government has tasked Uco Bank with processing Nayara Energy's payments after EU sanctions cut the refiner off from domestic and global lenders

Rosneft owns just over 49% of Nayara, which accounts for nearly 8% of India's refining capacity and 7% of its retail-fuel network

Refineries typically shut roughly every four years for maintenance that can last 30 to 50 days. Nayara last shut its refinery for maintenance in November 2022

The halting of supply from the two Gulf exporters means Nayara, majority-owned by Russian entities including oil major Rosneft, relied entirely on Russia for its crude oil imports in August

Russian oil giant Rosneft-backed Nayara Energy has appointed Teymur Abasguliyev as the new CEO of the company, replacing a European national who had to resign following EU sanctions on the company. The appointment of Abasguliyev, an Azerbaijan national who currently as the chief financial officer at SOCAR Turkiye Enerji A.S, was confirmed by the Nayara board at its meeting on Tuesday, two sources aware of the matter said. Nayara spokesperson did not immediately respond to an email sent for comments. Educated at Azerbaijan's Baku State University, Abasguliyev previously worked at PricewaterhouseCoopers from 1996 to 2013. He has been the CFO of Group Companies at SOCAR Trkiye Enerji A.S. since 2013. Nayara Chief Executive Alessandro Des Dorides had to quit shortly after the European Union imposed sanctions on the refiner as part of a new raft of measures against Russia over its war with Ukraine. Sergey Denisov, who was Nayara's Chief Development Officer, was named the interim CEO ..

Unlike their public-sector counterparts, private players export a large portion of their output to Europe and Asia at lucrative prices

The private refiner, majority-owned by Russian companies including Rosneft, was sanctioned by the EU last month as part of a package targeting entities linked to Russian oil

SBI halts trade, foreign currency transactions to avoid adverse action

State Bank of India (SBI) stops Nayara Energy's overseas transactions to avoid possible US and EU sanctions linked to Russian ownership, as banks grow cautious

Nayara Energy has asked the Indian government for help with fuel shipping and payments after EU sanctions disrupted its operations and made it hard to find vessels and banking support

Nayara Energy, partly owned by Russia's Rosneft, is struggling to access banking services after EU sanctions and is in talks with Indian lenders like UCO Bank

A second vessel, the Sard, is currently at the western Indian port of Vadinar used by Nayara, set to lift about 43,000 tons of diesel

Oil tanker Tempest Dream, carrying about 43,000 metric tons of gasoline, sailed out on August 4, according to the sources and shipping data

We have allowed these vulnerabilities to grow over the decades because of inaction

Microsoft has resumed services to Nayara Energy after a brief suspension linked to EU sanctions; the company had scaled down refinery operations and moved court seeking service restoration