Nayara Energy

Nayara Energy Q3 profit up 2% as shutdown, windfall tax impact margins

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

Trafigura to exit from Nayara Energy; sell stake to Italy's Genera Group

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 reports significant progress on its entry into petrochemicals

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 exports 80% of fuel to Asia, Africa; none to EU: Official

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 ...

Centre to receive Rs 40,000 crore from windfall tax, half from private cos

The windfall taxes were imposed in July and will only be removed if the price of oil falls below $70-75 per barrel

Nayara Energy seeks Centre's approval on independent directors' pay

The company said the remuneration proposed to be paid to the independent directors is comparable with the remuneration being paid for similar assignments in the industry

Indian refiner Nayara Energy appoints Prasad K Panicker as chairman

Despite a challenging external environment, Nayara Energy said it has developed an articulated strategy for a phased expansion into petrochemicals

Nayara Energy plans to shut its Vadinar refinery for maintenance from Nov 1

Indian refiner Nayara Energy, partly owned by Russian energy giant Rosneft, plans to fully shut its 400,000 barrels per day Vadinar refinery for about a month from November for routine maintenance

Major traders, banks cut business ties with Russia-backed Nayara: Report

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.

RIL, Nayara face windfall profit tax on local supplies alongside exports

The government on July 1 levied Rs 13 per litre additional excise duty on diesel exported out of India

Russia-backed refiner Nayara Energy posts record profit at $447.5 mn

NEW DELHI (Reuters) - India's Nayara Energy, part owned by Russian oil major RosneftMM>, posted a record quarterly profit in April-June as its margins improved due to higher intake of discounted Russian oil and fuel exports.

RIL, Nayara account for a combined 69% of Russian oil shipments to India

The push by Reliance and Nayara to scoop up Russian Urals from the market propelled Russia to become India's second biggest oil supplier last month

Ukraine crisis: After Trafigura, UCP looks to sell stake in Nayara Energy

Nayara's shareholders include Russian energy major Rosneft and a consortium led by Trafigura and UCP

Ukraine war, economic uncertainty delays Nayara Energy stake sale plan

"With the war, the chances of a Western company buying a stake in Nayara looks difficult. They may have to look for Indian equity partners," said a banker.

Ukraine war fallout: Nayara to pay higher interest after NCD downgrade

Lower rating by Care follows concerns over Rosneft's support to the Indian company after Russia invaded Ukraine and western countries imposed sanctions on the Russian entities

Some banks stop credit for oil imports by Rosneft-owned Nayara: Report

Nayara has not been sanctioned as part of the international response to Russia's invasion of Ukraine, but Russian energy giant Rosneft, which owns 49% of the Indian refiner, has been.

Some banks stop credit for oil imports by Rosneft-owned Nayara: Report

HDFC Bank and international banks such as Citibank, JP Morgan, Deutsche Bank and Japan's Mitsubishi UFJ Financial Group have stopped opening and confirming Letters of Credit, say sources

Nayara Energy buys Russian Urals crude after gap of 1 year: Report

Indian private refiner Nayara Energy, part-owned by Russia's Rosneft, has purchased Russian oil after a Urals a year, buying about 1.8 million barrels of Urals from trader Trafigura

BP move to give up Rosneft stake may not impact Nayara Energy directly

Industry sources were of the view that sanctions may have some impact on the long-term operations and also the investment ability of the company in India

India's Nayara Energy hopes to operate refinery at 100% in 2021

India's Nayara Energy hopes to operate its 400,000 barrels per day (bpd) refinery in western India at close to 100% capacity in 2021 as fuel demand is picking up, Chief Executive Alois Virag said