Business
Nayara Energy, India’s Russia-backed refinery, faces fresh US, EU sanctions trouble; EPC work hit – here’s what’s happening – Times of India
Nayara Energy, India’s second largest private oil refinery, is facing fresh trouble from the impact of US, EU sanctions. Although the Russia-backed Nayara Energy faces no direct sanctions, it is facing heat due to Russian state energy corporation Rosneft PJSC’s 49.13% ownership stake in the organisation.According to an ET report, the sanctions implemented by the EU and US have started to affect Nayara Energy’s engineering, procurement and construction operations.In a separate development, the United States has imposed duties on goods from India, claiming that India’s Russian oil procurement helps finance Russia’s military operations in Ukraine.Also Read | ‘Funny that pro-business administration accusing…’:India’s clear message to US on buying Russian crude oil, trade deal ahead of Trump’s 50% tariffsIn August 2017, Rosneft along with an international investment consortium comprising Trafigura and UCP purchased Essar Oil’s sophisticated refinery, with a capacity of 20 million tonnes annually, from Essar Energy Holdings and its associated entities for $12.9 billion.
Nayara’s EPC operations hit
Within the last month, two firms have withdrawn from Nayara Energy’s EPC tender process: Technip Energies from France and PT Timas Suplindo from Indonesia, sources indicated to the financial daily.A source, speaking on condition of anonymity, revealed that Technip Energies could have participated in the front-end engineering design for Nayara Energy’s polypropylene unit but opted against involvement.Reports indicate that EPC contractor PT Timas Suplindo has declined involvement in the installation of a single point mooring system and pipelines at Nayara Energy’s 20 million tonnes yearly refinery located in Vainer, Gujarat.“Sanctions have impacted the EPC work for Nayara,” a senior industry official explained, noting that the organisation based in Mumbai could now explore domestic EPC contractors and those from alternative regions to finalise the project.The European Union imposed sanctions against Russia on July 18, which included limitations on Russian-refined fuel imports, reducing the Russian oil price ceiling to $47.6 per barrel from the existing $60, whilst also focusing on the informal fleet engaged in its transportation. The revised price ceiling takes effect from September 3.Also Read | ‘We have red lines…’: Jaishankar’s clear message on India-US trade deal; slams ‘sanctions’ on Russia oil, says ‘if you don’t like it, don’t buy it’Nayara Energy has initiated a comprehensive long-term investment programme valued at ₹70,000 crore ($8 billion), encompassing developments in petrochemicals, ethanol production facilities, and expansion of marketing infrastructure, alongside other initiatives.The organisation is constructing an ethane cracker facility at its refinery site with an annual capacity of 1.5 million tonnes.The petrochemical development project at Nayara Energy has engaged Toyo Engineering from Japan as its consulting partner.Since August 2017, Nayara Energy has allocated over Rs 14,000 crore towards various Indian ventures, including the enhancement of current refining capabilities, development of a new petrochemical facility, and additional infrastructure projects.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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