Nayara Energy

Nayara Energy sees 14.3% rise in domestic fuel sales, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 14.3 per cent rise in fuel sales for the second quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the April-June quarter, Nayara sold 75 per cent of all diesel it produced at its Vadinar oil refinery in Gujarat in the local Indian market and 60 per cent of its petrol production locally, Nayara said. Over the past few years, Nayara Energy has steadily built its domestic business while expanding its fuel retailing network strategically to underserved markets that uphold the potential to fuel India's growth. Retail diesel sales rose 14 per cent to 2.08 million tonnes in April-June from 1.82 million tonnes a year back, while institutional business' year-on-year growth was 23 per cent, Nayara said. Similarly, retail petrol sales grew 14.7 per cent to 0.916 million tonnes in the second quarter compared to 0.809 million tonnes a year back. Nayara Energy owns the largest

Nayara Energy reports 48% jump in petrol sales in Q1, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 48 per cent jump in petrol sales in the first quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the January-March quarter, Nayara sold 70 per cent of all petroleum products it produced at its Vadinar oil refinery in Gujarat in the local Indian market, a company statement said. "Nayara Energy is primarily focused on catering to the growing demand of petroleum products in India through institutional business, sales to other oil companies and through its own retail chain," it added. Driven by its missive of 'In India, For India', the firm posted robust 24 per cent year-on-year growth in domestic retail sales and a 12.5 per cent rise in institutional sales, the statement said, without providing more details. Petrol sold locally rose to 0.89 million tonnes in the first quarter of 2024 from 0.60 million tonnes in January-March 2023. Diesel sales were almost flat at 1.7 .

Nayara Energy appoints Alessandro Des Dorides as chief executive officer

Nayara Energy on Wednesday named Alessandro Des Dorides, the former head of oil trading at Eni who was sacked for withholding information in illegal Iran oil trade, as the new CEO of the company. Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said. In 2019, Italian oil company Eni SpA bought a shipment of oil that was purported to have come from Iraq but actually came from Iran. The act potentially breached the US sanctions and led to Des Dorides, who oversaw the deal for the cargo, being fired. Without mentioning Des Dorides' Eni background, the Nayara statement described him as "a seasoned oil and gas professional with over 24 years of experience in the energy industry." "He possesses a deep understanding of the global energy markets, strategic planning and risk management," it said. "Alessandro brings with him a wealth of experience and global exposure which will help Nayara Energy to continue its growth trajectory in the ...

Nayara Energy exports decline by 10% in 2023 as domestic demand surges

Nayara Energy, India's largest private fuel retailer, saw petroleum product exports drop by 10 per cent in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10 per cent year-on-year. This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Of all the petroleum products Nayara produced, 68 per cent were sold within the country and the remaining 32 per cent of products, including, ATF, gasoil and gasoline were exported, sources said. According to the oil ministry's Petroleum Planning and Analysis Cell (PPAC), consumptio

NTPC Green Energy, Nayara Energy ink pact to explore green hydrogen space

NTPC Green Energy Limited (NGEL) has entered into an agreement with Nayara Energy to explore opportunities in the green hydrogen space. The memorandum of understanding (MoU) was signed between NGEL CEO Mohit Bhargava and Nayara Energy Head-Technical Amar Kumar on Monday in the presence of other senior officials of both sides, NTPC said in a statement. "NGEL and Nayara Energy have entered into an MoU today to explore opportunities in the green hydrogen and green energy space," it said. NTPC Green Energy Limited is a subsidiary of energy major NTPC. This collaboration is in line with NTPC's initiatives to develop hydrogen projects in India and aligns with the government's vision of Atmanirbhar Bharat. NGEL CEO Bhargava said green hydrogen would be a crucial element of India's clean energy future, and with this partnership, the company will explore and implement cutting-edge technologies to produce green hydrogen. NTPC, under the Ministry of Power, is India's largest power utility h

Indian refiners saved $7 billion from Russian crude imports in 14 months

India is the world's third-largest crude oil consumer and imports more than 85 per cent of its oil needs

10% of country's fuel pumps now offer EV charging facilities, IOCL leads

5,600 IOCL pumps offer EV charging facilities which come at about 15 per cent of its total 36,400 fuel pumps across the country

Nayara Energy exports dip, 0.07 mn tonnes diesel flows to Europe in FY23

Nayara Energy, India's second-biggest private oil refinery, reported a sharp decline in fuel exports as domestic sales surge on retail network expansion and demand rise, a company official said. During calendar year 2022, Nayara reported 61 per cent of sales from the domestic market and the remaining 39 per cent from exports of all products including jet fuel (ATF), diesel and petrol. Out of the total 6.91 million tonne of fuel exported by Nayara during 2022, diesel exports stood at about 4.39 million tonne or roughly 64 per cent of all exports. More than 84 per cent of all fuel exports were to Asia, the Middle East and Africa with only minuscule volumes going to the EU, a company spokesperson said. Nayara sold the bulk of the fuel it produced from its 20 million tonne a year oil refinery at Vadinar in Gujarat through its 6,500+ petrol pumps - the largest fuel retail network by any private company. During January-March 2023, subsequent to meeting domestic demand, Nayara Energy's .

Reliance-bp, Russia's Nayara begin pricing petrol, diesel at market rates

India's private fuel retailers -- Reliance-bp and Russia's Rosneft-backed Nayara Energy -- have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said. Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK's bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL). But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said. Nayara, the largest private fuel retailer that owns over 7 per cent of India's 86,855 petrol pumps, started pricing petrol an

Nayara Energy to expand business 50% by 2030, says Chief Alois Virag

He added that his company wants to contribute to making India more self-reliant and self-sufficient with petrochemical production

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