Nayara Energy Faces EU Sanctions: First Skipped Naphtha Tender
Nayara Energy, partially owned by Russia's Rosneft and sanctioned by the EU, skipped awarding a naphtha tender after revising payment terms. This marks the refiner's first such move following the EU's latest sanctions package. The company did not comment on the situation, calling the sanctions unjust.
Nayara Energy, a Russia-backed Indian refiner, has found itself in the crosshairs of the European Union's sanctions, leading to a significant operational decision. The company recently decided not to award a spot naphtha export tender, a decision influenced by its revised payment terms, according to three trade sources.
This decision comes in the wake of the EU's 18th sanctions package, which includes Nayara Energy, part-owned by Rosneft. The private refiner, which boasts a 400,000 barrels-per-day facility in Gujarat, had sought advance payment or a letter of credit for the sale of its August cargo.
The implications of the EU's sanctions are becoming evident, as a tanker chartered by energy major BP left a Nayara-operated port unfilled. Nayara Energy has openly criticized the EU's sanctions, branding them as 'unjust and unilateral'.
(With inputs from agencies.)
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