After Indian Oil And HPCL, Private Refiner Nayara Energy Purchases Discounted Russian Oil: Report

Private refiner Nayara Energy has purchased Russian oil after almost a year, Reuters reports.

Partly owned by the Moscow-based Rosneft, Nayara has bought 1.8 million barrels of Urals from the trader Trafigura.

This transaction also involves the use of the Liberia-flagged aframax Moskovsky Prospect. It is managed by the Russian state-run shipping company Sovcomflot.

The United States of America (USA) had blacklisted Sovcomflot last month.

Meanwhile, the likes of Britain and Canada have also put a ban on vessels that are flagged, run or owned by Russia.

Nayara on the other hand had last bought Urals back in March 2021. The refinery operates about 400,000 barrels daily at Vadinar in Gujarat.

“The commercial details are confidential, and we will not be able to comment on the same,” Nayara's statement was quoted in the aforementioned report.

They added, “Like any other refinery, Nayara Energy has ongoing crude sourcing agreements to optimise its crude basket with an aim to achieve the best option for our refinery.”

Indian refineries have begun acquiring deeply-discounted Russian oil that Moscow has been offering ever since its conflict with Ukraine began on 24th February.

However, sources claim that concessions given to Nayara are not much when compared to what was provided to the state-run Indian Oil Corporation (IOC) and the Hindustan Petroleum Corporation Limited (HPCL).