Indian refinery with Rosneft stake resumes operations despite sanctions, — Bloomberg

Nayara Energy Ltd., an oil refinery in India, partly owned by Russia’s Rosneft, is gradually restarting operations after a crisis caused by sanctions.

 Bloomberg reports, citing sources familiar with the matter.

The company’s problems escalated two months ago when European top managers left the company due to sanctions pressure. However, thanks to the support of the Indian government, the refinery is operating almost normally again.

Nayara now makes payments in rupees through local banks, and UCO Bank has received permission to manage international transactions.

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The plant in Vadinar is already operating at 75% of capacity, using mainly Russian Urals oil with a small addition of Indian raw materials. The company supplies more than 6,500 gas stations in India and has resumed exports through floating storage facilities and its own fleet, including sanctioned vessels.

September loadings are expected to be around 2.2 million barrels, half the volume last year when Western markets were still open.

The company is currently in talks with Saudi Arabia and Iraq to resume purchases, trying to reassure suppliers that there are no risks.

Nayara said in a statement that the company “continues to operate as normal” and is considering new export opportunities after domestic demand is met.

USM previously reported that Ukraine was restricting diesel imports from India.