What does Nayara, an Indian Russian company say it is importing oil from? | | Powerful Stories

Indian oil company, Nayara Energy, has reportedly sold oil to Russia as insurgency in Ukraine continues petroleum products the whole world, causing an oil problem.

On Wednesday, industry sources told Reuters that more than 60,000 metric tons of oil had been shipped from India to Russia and that two oil tankers, with a capacity of 30,000 to 40,000 tons each, had been shipped.

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Two separate sources told the news agency on Thursday that the oil was produced by Nayara Energy and sold to Russia through traders.

Although this was not confirmed by Nayara, India’s Oil Minister Hardeep Singh Puri said on Thursday that Indian companies are not selling oil directly to Russia, “it is possible” that Russia bought oil from India through international traders.

Here’s what we know so far.

What has caused the energy crisis in Russia?

In recent months, the Ukrainian military has targeted Russian oil facilities, burning them and causing long queues oil throughout the country, including in the city of Moscow.

The oil crisis, which is unprecedented in Russia, one of the world’s largest energy producers, has led many regions to cut power.

According to the calculations of The Associated Press, since March, there have been more than 50 incidents reported by Ukraine on Russian oil, depots, terminals and other electronic equipment. Attacks are also recorded in Crimea peninsula, which was illegally seized by Russia in 2014.

The count also found that some oil facilities were hit multiple times, including a refinery in the Black Sea town of Tuapse, which was hit four times.

On Sunday, Russian President Vladimir Putin admitted in a meeting with government ministers and other officials that Ukraine’s attack on the country’s oil refineries had caused oil shortages in some regions.

But Mr Putin said the decline was not “critical” and “temporary”.

However, the President of Ukraine Volodymyr Zelenskyy on Monday said on Telegram that “Putin can continue, saying on TV that he should have all the power”, but the Russians see that the war “has reached the point where even the oil country – the oil field, as Russia used to call it – is now facing a lack of gas”.

What is Nayara Energy?

An oil refining and marketing company, Nayara operates India’s second oil refinery in Vadinar, western Gujarat, with a capacity to process 400,000 barrels of oil per day.

It bought Indian refiner Essar in 2015 when the Indian company was struggling financially. But it was no ordinary event: The deal was part of a small, secret government deal signed by Prime Minister Narendra Modi and Russian President Vladimir Putin.

At the time, Putin wanted the Russian government to divest from Rosneft, the country’s largest oil company. Indian oil companies bought a stake in Rosneft, which bought a 49% stake in what is now Nayara.

Another 49 percent of Nayara is owned by a Russian investment management company called United Capital Partners.

In her statement, Nayara says “it is India and India – driven and committed to increasing the energy demand of the country”.

“We operate India’s fastest growing private network to deliver quality products to our customers across the country,” it adds.

But its ownership structure means it is controlled by Russian corporations. Mr Nayara is believed to be dependent on cheap Russian oil, which he uses traders to ship without oil.

The European Union imposed sanctions on Nayara in July last year, banning the export of Russian crude oil and preventing refiners from obtaining EU export insurance, financing and other services.

Why is Nayara under punishment and how did she respond to this?

The EU sanctions on Nayara are part of the sanctions against Russian oil.

The EU’s 18th package of sanctions against Moscow following its invasion of Ukraine in 2022 also banned the export of oil produced from Russian oil to the bloc, which affected Indian suppliers after Europe became an important market since the start of the conflict in Ukraine.

Nayara’s Vadinar refinery in western India has been producing only Russian oil since other suppliers stopped complying with the sanctions. Since then, Nayara has relied on international traders to export refined and refined oil.

Apart from the approved Nayara Energy, crude oil imports to India from Russia rose sharply in June, according to LSEG and Kpler vessel trackers, as seen by Reuters. This has been driven by the US President, Donald Trump, to remove the sanctions of the United States on the Russian oil that was already loaded on the ship in order to reduce the shortage of oil caused by the closure of the Strait of Hormuz during the war with Iran.

A tanker invoice seen by Reuters on Thursday showed that the Cameroonian vessel Agni, loaded with petrol from Vadinar, was bound for Fujairah on June 20. However, LSEG tanker data showed that the tanker had passed Fujairah and was in the Suez Canal heading north.