With no exports, sanctions-hit Nayara Energy ups fuel supply to HPCL

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

Nayara Energy has increased supply of refined petroleum products to state-run Hindustan Petroleum Corporation Limited (HPCL) as Russia’s Rosneft-backed refinery’s exports tanked to zero following sanctions by the European Union (EU), a top government official said.

 

“Nayara would supply (petroleum) products to domestic companies, mainly to HPCL, and some other small players such as Shell,” the official said on the sidelines of an event here.

 

Nayara Energy, which is 49 per cent owned by Russian oil major Rosneft, was directly sanctioned by the European Union under the group’s 18th sanctions package announced on July 18. The sanctions completely eroded the