- Nayara misses 3 m barrels monthly supply from golf exporters.
- Sanctions create payment problems for Iraqi purchases of crude oil.
- The Nayara Refinery runs at 70-80% capacity in the middle of sanctions.
Saudi Aramco and Iraq’s state oil company Somo have stopped selling crude oil to India’s Nayara energy in the wake of sanctions introduced in July by the European Union in the Russian-backed refinery, said three sources familiar with the case.
The stopping of the supply of the two golf exporters means that Nayara, the majority-owned of Russian units, including oil-major Rosnft, was completely dependent on Russia for its crude oil import in August, according to sources and LSEG shipping data.
Nayara typically receives about 2 million barrels of Iraqi raw and 1 million barrels of Saudi crude oil each month, but did not receive shipments from any of the two suppliers during August, shipping data from KPLs and LSEG showed.
Somo and Nayara did not respond to requests for comment. Saudi Aramco refused to comment.
Two of the sources said the sanctions had created payment problems for Nayara’s purchase from Somo without providing further details.
The latest cargo of Basra -Rårå oil from Somo was discharged for Nayara by Calliopia, a very large crude oil (VLCC), in Vadinar Port on July 29, according to KPLER and LSEG data and data obtained from industrial sources.
The private refinery received 1 million barrels of Arab light carried by VLCC Georgios Co-read with a similar amount of Basrah Heavy on July 18, its last Saudi delivery, according to LSEG data.
Nayara receives direct supplies from Rosneft, an official from the Russian Embassy in New Delhi said last month.
The private company runs its 400,000 barrel-dayfat in Vadinar in western India at approx. 70-80% capacity due to difficulty selling its products that are the result of the sanctions, sources say.
Nayara Energy, which controls approx. 8% of India’s 5.2 million barrel per Day refining capacity, has struggled to transport fuel since EU sanctions and rely on so-called dark naval vessels after other senders are supported, according to shipping reports and LSEG data.
The company’s CEO withdrew in July. Last week, Nayara announced the appointment of a senior manager from Azerbaijan’s national oil company Socar as its CEO.
