A cargo of Indian diesel gasoline from Russia-linked Nayara Power is heading to China, marking the primary such supply since 2021, as the corporate’s petroleum product exports stay in limbo following the most recent spherical of European Union sanctions.

Supply: Bloomberg

Particulars: The tanker EM Zenith departed Nayara’s terminal in Vadinar on 18 July, carrying about 496,000 barrels of ultra-low-sulphur diesel, in keeping with Kpler information, a port agent’s report, and vessel monitoring info compiled by Bloomberg.

The departure occurred simply hours earlier than the EU introduced restrictions on the Rosneft-backed refinery as a part of new measures concentrating on Russia’s oil commerce.

Initially, the vessel was sure for Malaysia however circled within the Strait of Malacca and idled off the coast for greater than 12 days after a number of Nayara shipments had been blocked following EU sanctions. The tanker has now modified course and is heading to Zhoushan, China.

A Nayara consultant didn’t reply to a request for remark.

The sanctions have additionally difficult funds for Nayara in current weeks, forcing the corporate to require advance funds or letters of credit score for gasoline deliveries earlier than loading. Attributable to halted crude oil provides, the corporate additionally lower manufacturing on the Vadinar refinery.

In accordance with Kpler, this diesel cargo to China is the primary from India since April 2021. It comes amid a warming of bilateral relations between the Asian neighbours.

Background:

• Reliance Industries, the proprietor of the world’s largest refining advanced in Jamnagar, India, might cease shopping for Russian oil.
• Nayara Power’s refinery in India, which was sanctioned by the EU final month, has requested the federal government to assist resolve gasoline transportation points.
• Indian shares fell after US President Donald Trump renewed threats to impose steep tariffs on Indian items over purchases of Russian oil.

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