Nayar's exports halve on-year amid EU sanctions

NAYARA ENERGY'S OPERATIONS remain under pressure due to disruptions caused by international sanctions, but a gradual recovery is underway as the company reinforces its reliance on Russian crude.

- ARUNIMA BHARADWAJ

As of September, the company’s crude oil imports consisted entirely of Russian oil at 330,000 barrels per day, increasing by around 36% from August lows. Until July, the company bought oil from Russia, Iraq, and Saudi Arabia.

Post-sanctions, the refinery has struggled with compliance, shipping, payment channels, and lower crude imports.

Nayara’s refining operations in August and September were curtailed due to sanctions, with exports also remaining sharply lower than last year, due to reduced refinery runs linked to lower crude intake and shipping issues, according to Kpler.