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Nayara Energy, India's second largest private oil refining and fuel marketing company, saw its net profit rise by a marginal 2 per cent in the third quarter ended December 31 as the company undertook a month-long maintenance shutdown and windfall tax impacted margins. Net profit of Rs 869.8 crore in October-December compared with Rs 850.3 crore profit in the same period a year back, according to a stock exchange filing by the company. Revenue from operations dropped to Rs 24,757.7 crore in the third quarter of the current fiscal from Rs 32,412.9 crore a year back. This was mainly because the company fully shut its 400,000 barrels per day or 20 million tonnes per annum Vadinar refinery in Gujarat for about a month in November for routine maintenance. The firm also operates a network of 6,497 petrol pumps or 7.5 per cent of all fuel stations in the country. For the first nine months of the current fiscal, Nayara reported a net profit of Rs 6,226.9 crore on a turnover of Rs 1 lakh cr
Oil trader Trafigura has agreed to sell its 24.5 per cent indirect stake in Nayara Energy to Italy's Genera Group, the company said Wednesday. The company, however, did not disclose the financial details of the transaction. The Italian group will acquire the stake via a special purpose vehicle, Hara Capital Sarl, incorporated in Luxembourg. Nayara Energy owns India's third largest refinery, a port, and a network of more than 6,500 petrol pumps across the country. The firm is majority owned by Russia's Rosneft.
Nayara Energy Ltd, India's second-largest private oil refiner, on Wednesday said it is on track for entry into the petrochemicals sector with the majority of work being completed on a propylene recovery unit. Nayara, which operates a 20 million tonne-a-year oil refinery at Vadinar in Gujarat, has adopted a phase-wise asset development strategy to enter into the petrochemicals sector. "Under Phase-1 of the project, Nayara is setting up a 450-kilo tonne per annum polypropylene plant at its Vadinar refinery in Gujarat - a propylene recovery unit along with upgrades to the existing FCC Unit (Fluidized Catalytic Cracking Unit) and a polypropylene unit (PPU)," the firm said in a statement. Stating that it is on track with the projects, the firm said it is well positioned to make a strong energy into this high growth segment given that it is located in the largest petrochemical consumption region of the country and its proximity to a jetty. "Phase-1 project development has achieved over 8
Nayara Energy, India's second-largest private oil refinery, exported over 80 per cent of all its fuel exports to Asia, the Middle East and Africa during the first seven months of the current fiscal, with only minuscule volumes going to the UK and none to the EU, a company official said. Nayara, which operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat, exported 4.46 million tonnes of petroleum products including diesel, jet fuel and gasoline from April 2022 to October 2022, a company spokesperson said. The bulk of the fuel it produces at Vadinar is used for sale through its 6,648 petrol pumps - the largest network by any private company - in the country and institutional sales. The company is primarily focused on catering to the domestic market through institutional business, sales to other oil companies and through its own retail chain. "India, structurally, is long on diesel and the same is to be exported after satisfying domestic demand," the spokesperson ...