Major banks cut ties with Russia-backed Indian refiner

[fallstuff]

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Indian

Major banks cut ties with Russia-backed Indian refiner​

Reuters, New Delhi
Thu Aug 25, 2022 12:00 AM Last update on: Thu Aug 25, 2022 01:54 AM
Many global oil traders and banks have stopped dealing with Indian refiner Nayara Energy, a Rosneft affiliate, as they are worried about Western sanctions over Russia's invasion of Ukraine, two people with knowledge of the matter told Reuters.
Nayara per se has not been sanctioned as part of the international response to what Russia calls its "special military action" against Ukraine but sanctions are in place against Rosneft.

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The Russian energy giant owns about 49 per cent of Nayara which is India's second-largest private refiner, while Kesani Enterprises Co Ltd, a consortium led by Trafigura Group and Russia's UCP Investment Group, holds 49.13 per cent.
Most trading firms including Vitol and Glencore as well as producers in Canada, Latin America and Europe have declined to directly sell crude to Nayara, according to one of the people.
The sources were not authorised to speak to the media and declined to be identified.
They said Nayara was now dependent on state-run Middle Eastern producers, Chinese traders, companies supplying Russian oil as well as local crude oil producers for its 400,000 barrels per day Vadinar refinery in western Gujarat state.
"It is increasingly becoming difficult for the company," said one of the sources, adding that it has been unable to hedge for cracks and inventory.
Companies that have declined to deal with Nayara include Phillips 66, Occidental Petroleum Corp, Cepsa, Equinor, Gunvor, Koch, Petrogal, Respsol, Shell, Suncor Energy, Ecopetrol and TotalEnergies, the second person said.
Banks and other firms that have refused to work on new hedging positions for Nayara include Citigroup, Morgan Stanley, BNP Paribas, JPMorgan, France's Engie as well as the core banking units of Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, they said.
The trading firms, companies and banks either declined to comment or did not respond to Reuters emails seeking comment.
Nayara, which accounts for 8 per cent of India's refining capacity, said it had longstanding relationships with its suppliers, works with a diverse set of suppliers and has appropriate contracts for the purchase of crude oil.

Major banks cut ties with Russia-backed Indian refiner

Many global oil traders and banks have stopped dealing with Indian refiner Nayara Energy, a Rosneft affiliate, as they are worried about Western sanctions over Russia’s invasion of Ukraine, two people with knowledge of the matter told Reuters.

www.thedailystar.net

 

[Bilal9]

Well this would have had some effect if Nayara sold petroleum products overseas, but I believe they may sell only to India and maybe also Bangladesh.

But yeah, Banks cutting ties may have serious repercussions.

 

[BananaRepublicUK]

Well this would have had some effect if Nayara sold petroleum products overseas, but I believe they may sell only to India and maybe also Bangladesh.

But yeah, Banks cutting ties may have serious repercussions.

It will wipe off all the gains they make by buying at a discount from Russia.

Biden will keep tightening the screw until Russian oil is not competitive even at a discount.

Putin will not be able to win the war and will have wiped out Russia’s massive reserves.

By middle of next year Europe will have found alternative sources.

And even more countries in NATO than before.

Putin Invading Ukraine is as stupid as Bush invading Iraq.

Afghans broke the USSR.
Ukraine may well break Russia.

 

[Catalystic]

More chaos and anarchy being created by the usa.
Everyone is a loser in global power games…..sooner or later repercussions at your doorstep arrival. Nobody immune

Perhaps a new world order in creation

 

[BananaRepublicUK]

Bharat never react, we respond.. New world order will be made upon unity of common exploited citizens.. Things are changing for good.. An artificial superpower know for regime changes is breathing her last breath... At the end part of life one should become more spiritual not greedy.. US economy is called Vijay Mallya economy in Bharat..

It’s a bit immature to refer to the US economy as the “Vijay Mallya” economy.

Almost all the big tech giants are American. And they will continue to suck up majority of global investment.

Their AI robots will replace India’s massive call centre economy - by end of this decade. That will have huge repercussions for India.

US dominates the mining and extraction technologies.

Massive in agro business

Etc etc

 

[BananaRepublicUK]

Where is US debt to equity ratio?? American tech are best as they choose best from other country mostly Bharat China.. Dollar is not helping anymore so this crypto currency nonsense is created... You lot are resisting to change and want to extend your unethical rule for ever.. impossible.
As per Hinduism, only change is constant..

America’s biggest export is the mighty dollar.

And they can produce it in milliseconds to meet demand.

Whilst the rest of the world has to work hard to produce tangible goods to build up wealth - America just presses a button.

You cannot compete with USA until you replace the dollar as a reserve currency.

It is like racing someone on a gravel road bare foot - whilst they are wearing top notch trainers.

 

[bluesky]

Major banks cut ties with Russia-backed Indian refiner

The banks may be fearing American sanctions if they do business with an Indian oil refinery that processes Russian crude oil.

BD must consider this before it itself signs an agreement to purchase Russian crude. I have read some boys with UK flags think BD is such an important country that does not have to care about America.

In fact, BD should explain the present fuel situation in the country and ask for American understanding before it buys Russian crude.

BD should not go to a point of no return. Our textile industries and our lives will suffer if Russian crude is bought without seeking American understanding.

 

[BananaRepublicUK]

The banks may be fearing American sanctions if they do business with an Indian oil refinery that processes Russian crude oil.

BD must consider this before it itself signs an agreement to purchase Russian crude. I have read some boys with UK flags think BD is such an important country that does not have to care about America.

In fact, BD should explain the present fuel situation in the country and ask for American understanding before it buys Russian crude.

BD should not go to a point of no return. Our textile industries and our lives will suffer if Russian crude is bought without seeking American understanding.

Mistri bhai,

It was you who asserted that BD can buy Russian oil without revenge from USA.

You have been caught on a lie! AGAIN!!

We (elite U.K. uni educated sylheti boys) asserted that we could not buy Russian oil without explicit support from India and China.

Which is why our fellow Sylheti guy, aka Alga Momen, has been seducing the Indians kama sutra style.

See, we Sylhetis are very practical people. It’s the Turkish blood in us

We leave the low grade pontificating to you Dhakaya boys. Who fancy yourselves as serious intellectuals despite your akdoom bakdoom gorar dim education

We give you Osmany, Saifur, Muhith, Kibria snr, Alga Momen and @UKBengali

You hoist Khaleda, Tariq and other uneducated half wits on us!!!

IT IS NOT A FAIR EXCHANGE!!!!

@UKBengali

Will we get better politicians from Dhaka by 2030?

 

[fallstuff]

Just to be clear Nayara Energy, a Rosneft ( Russian) affiliate.
So the sanction are on a partially Rosneft owned entity.
Some folks in BD really need to think it thru. Fuel prices came down about 25% or so in last 30 days in USA.

 

[BananaRepublicUK]

Just to be clear Nayara Energy, a Rosneft ( Russian) affiliate.
So the sanction are on a partially Rosneft owned entity.
Some folks in BD really need to think it thru. Fuel prices came down about 25% or so in last 30 days or so in USA.

It will go up in winter.

 

[itsanufy]

Well this would have had some effect if Nayara sold petroleum products overseas, but I believe they may sell only to India and maybe also Bangladesh.

But yeah, Banks cutting ties may have serious repercussions.

This is not an issue at all, we have few smaller banks which are there to deal this situation.