Nayara Energy Increases Fuel Sales to HPCL after EU Sanctions
India's Nayara Energy has raised fuel sales to state retailer Hindustan Petroleum Corp after the Russia-backed refiner's exports were hit by European Union sanctions, a government source said on Tuesday.Since the imposition of sanctions, Nayara has been operating its 400,000 barrel-per-day (bpd) Vadinar refinery in western India at 70-80% capacity.Higher local sales of refined fuels would help the company to sustain its refinery runs, the source added."We would like them (Nayara) to operate at as high capacity as it can," the sou
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for Washington to relax sanctions against Russia and to encourage the Kremlin into peace in Ukraine. Due to sanctions imposed after the Ukraine invasion in February 2022, Russia is no longer able to attract international investment into its energy sector or make major deals.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for the Kremlin, to encourage it to accept peace in Ukraine and Washington to ease sanctions against Russia. Due to sanctions imposed after the Ukraine invasion in February 2022, Russia is no longer able to attract major international investments in its energy sector or sign large deals.
Nayara Energy Relies on Dark Fleet to Transport Fuels
Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows.Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions in July, a move that prompted shippers to back out, forcing the refiner to cut its crude runs.India…
Exxon to return to Sakhalin-1 after Russia's decree
The Russian President Vladimir Putin signed on Friday a decree which could allow foreign investors to recover shares in the Sakhalin-1 project, including Exxon Mobil. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska. At the summit, opportunities for business collaboration and investment will be discussed alongside discussions to bring peace to Ukraine. The decree published…
Nayara Energy in Talks with Government to Maintain Operational Stability Amidst Sanctions
Russia-backed Indian refiner Nayara Energy said on Thursday it was talking to government authorities and partners to maintain operational stability of its 400,000 barrels per day refinery and fuel supplies despite EU sanctions hurting the supply chain.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.The private company sells about 70% of its refined fuels in India through more than 6…
Afipsky Oil Refinery Fire Extinguished After Drone Attack
A fire at the Afipsky oil refinery in Russia's Krasnodar region, caused by fallen drone debris, was extinguished, local emergency services said on Thursday.The Russian Defence Ministry said air defence systems had shot down nine Ukrainian drones over the region overnight.The Ukrainian military confirmed that its drone units had hit the refinery in Krasnodar region, without providing details.It was not immediately clear what the extent of the damage was at the Afipsky refinery…
Russia to Increase Oil Exports After Drone Strikes Shut Refineries
Russia plans to increase exports from its western ports to nearly two million barrels per day in August, about 200,000 bpd more than a previous estimate, after two refineries cut runs following Ukrainian drone attacks, two industry sources said.The extra oil has the potential to add to downward pressure to the global oil market as supplies are already set to be increased by an output hike agreed on Sunday by OPEC+, the Organization of the Petroleum Exporting Countries and allies…
Vessel Owners Seek to End Contracts With Russian-Backed Nayara Energy
The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.Nayara, majority-owned by Russian entities including oil major Rosneft, runs India's third-biggest refinery and exports refined products and also supplies them domestically.Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine…
Russian Urals Oil Prices For Indian Port Delivery Firm
Prices for Russia's flagship Urals crude oil for delivery to Indian ports in late August/early September firmed further, while discounts to Brent were the narrowest since 2022 amid firm demand in India and Turkey and low supply of the grade, three sources said.Spot discounts for Urals crude narrowed to between $1.50 and $1.60 per barrel to dated Brent on a delivery ex-ship (DES) basis on average for cargoes arriving in India in late August/early September, from between $1.70 and $2 per barrel to dated Brent on a DES basis about a
Russian Oil Tanker Diverted Away From EU-Sanctioned Port
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday.Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia.The Omni tanker…
Sources: BP chartered tanker leaves sanctioned Nayara Energy port without loading oil
According to five sources in the industry and shipping data from LSEG, oil tanker Talara chartered by energy giant BP has left Vadinar, India's newly-sanctioned refiner Nayara Energy, without loading diesel, as planned. LSEG data indicated that the vessel was to load 60,000 metric tonnes (447,000 barrels), of ultra-low sulphur fuel on July 21, with cargo bound for Africa. BP and Nayara, which is owned in part by Russia's biggest oil producer Rosneft did not respond immediately to comments.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package approved by the European Union on Friday against Russia for its war in Ukraine. This package is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine were approved by the European Union on Friday. It is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine are listed below. This package was approved by the European Union on Friday, and is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without disrupting the global markets. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value.
Orlen Will No Longer Purchase Russian Oil Starting July
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement."We freed Central Europe from Russian oil today," Fafara told a news conference.The Czech Republic had said in April that it had become fully independent of Russian oil supplies for the first time in its history following the comp
Source: Russian government talks tax relief for Gazprom
A government source revealed on Monday that the Russian government is considering tax reliefs for the energy giant Gazprom. These could be offset by higher taxes on gas producers in general. Novatek and Rosneft, two other major gas producers in Russia, are also listed. Moscow must balance the need for increased military spending in the face of the conflict in Ukraine, with the rising budget deficit as well as providing adequate support to Gazprom which has seen its lucrative sales into Europe fall.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August, without specifying dates.In July, oil production at Sakhalin-1 is expected to fall slightly to 135…
Most G7 Members Ready to Lower Russian Oil Price Cap Despite US Engagement
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil URL-E to be sold to third countries using Western…
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.