Russia-backed Indian refiner Nayara Energy is exporting oil products through sanctioned tankers and tapping new markets this month as it revives overseas sales in the aftermath of crippling sanctions, LSEG and Kpler shipping data shows.
The privately-owned company halted exports for about two weeks after it was sanctioned by the European Union on July 18 for dealing in Russian oil. Nayara’s exports of clean products – gasoline, gasoil and jet fuel – fell to around 80,000 barrels per day in August and September – down from about 138,000 bpd in January-July, Kpler data showed.
Nayara has been forced to reduce crude runs at its 400,000-barrel-per-day refinery in Vadinar in western India to 70 per cent-80 per cent of its capacity, sources familiar with the matter said, due to difficulties in chartering ships and selling fuel from the port following sanctions.
Before the sanctions, Nayara sold its refined products mostly to Western, Middle Eastern and Asian trading firms for export to Asia and northwest Europe, according to traders and shipping data.
After the embargo, most Nayara cargoes are bound for the Middle East, Turkey, Taiwan and Brazil, the data showed. Since resuming exports in early August, at least 16 cargoes of diesel, gasoline and jet fuel have shipped out on EU-sanctioned tankers from Vadinar port, where Nayara’s refinery is located, the data showed.
Five of the tankers loaded with Nayara’s products in August and September are floating off Oman and the United Arab Emirates, the data showed.
Some of the tankers conducted ship-to-ship transfers off Oman and Egypt. Another two tankers discharged their cargoes at Turkis Enerji Storage Tank Farm in Turkey.
Tankers Blue Ember and Anaya that loaded at Vadinar in August and September respectively, are heading to the Brazilian ports of Santos and Paranagua, the data showed.
Nayara Energy, authorities in Oman, the UAE and Brazil, Egypt’s energy ministry and Turkis Enerji did not respond to requests for comment. Another tanker Opal discharged high-sulphur gasoil loaded from Vadinar on August 22 at Taiwan’s Taichung port on September 16, the data showed. Taiwan’s Ministry of Economic Affairs declined to comment.
Taiwan has wide-ranging sanctions on Russia, but does not explicitly ban Russian energy imports. Traders said a major buyer for Nayara’s gasoline cargoes to the Middle East is Redwood Global Supply. Reuters could not find contact information for Redwood.
