Three vessels laden with oil products from India’s Nayara Energy have yet to discharge their cargoes, hindered by new EU sanctions on the Russia-backed refiner, according to shipping data and sources.
Nayara Energy, which runs India’s third-biggest refinery, is majority-owned by Russian entities, including oil major Rosneft. It was hit with European Union sanctions on July 18 targeting Russia and its oil trade, causing shippers and traders to shun dealing with its cargoes.
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The Panamax-sized tanker Alora, chartered by Nayara Energy and carrying around 60,000 metric tons (472,800 barrels) of jet fuel loaded in early June, has been anchored off Portugal’s Sines port since arriving there on July 18, Kpler and LSEG data showed.
The cargo has been paid for, said a person familiar with the matter. However, the vessel has been unable to discharge as some EU oil surveyors and other companies are reluctant to deal with products linked to a sanctioned entity, according to the person and a second source.
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It is unclear who the buyer is.
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[OP- Several tankers that had been scheduled to load Nayara Energy cargo at the Vadinar port in India reportedly changed their plans. The EU included Indian company Nayara Energy to its sanctions list mid-July due to the fact that Russian state oil giant Rosneft owns a 49% stake in it.]
That’s the start. Now it would be nice to do something with other Indian refineries that happily use Russian oil, but not co-owned by Russian companies.
[Nayara’s] 400,000 barrel-a-day Vadinar refinery is currently operating at about 70 percent to 80 percent, said the people, who asked not to be named due to the sensitivity of the matter. Across India, processors typically run plants at close to 100 percent of nameplate capacity […] The lowered operations are due to mounting logistical issues and trading partners turning away from Nayara, making it difficult for the company to monetize and transport its refined output to customers.
Good. We need effective sanctions, primarily against the Russian energy exports, which make the majority of Russias income right now. Not bankrolling Russias war chest and not sending them parts to build new weapons is the most effective way to prevent more people being killed.