CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say
Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday. The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine. This week, a tanker carrying Russian Urals crude was diverted away from Nayara’s Vadinar port to unload its cargo at another port in western India, Reuters reported. That came after two other tankers skipped loading refined products from Vadinar, Reuters reported. Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov’s appointment was decided at a board meeting on Wednesday, they said. Nayara Energy did not immediately respond to a request for comment.
Indian refiners look more widely for oil after EU’s Russia curbs
Oil refiners in India, the biggest importer of Russian crude, may be looking at diversifying some buying away from Moscow after fresh European Union sanctions on the Kremlin amid the war in Ukraine. Local processors are exploring options on some inputs, although it’s too early to say that they’ve switched out of typical Russian supply in a major way, according to traders and refinery executives, who asked not to be identified discussing private matters. The global oil market is assessing the fallout from the EU’s latest wave of curbs, which included sanctions against a major Indian refiner that’s part Russian-held, a lower price cap, as well as imports of petroleum products made from Moscow’s crude. At the same time, investors are also contending with moves by OPEC+ to restore shuttered production, and the falllout from the US’s multi-front trade war. Indian refiners are now reaching out more widely for crudes, with supplies being bought from places including Azerbaijan and Nigeria, as well as the United Arab Emirates, according to the traders. Like all major economies, India typically sources oil from a wide array of countries. Among recent purchases, state-backed Mangalore Refinery & Petrochemicals Ltd. sought crude for late August to September delivery to New Mangalore, the traders said. That’s prompter-than-usual, they said, with the refinery eventually taking about 1.3 million barrels of Azeri oil. That’s also a type not typically bought by Indian processors. Elsewhere, Hindustan Petroleum Corp. purchased West African crudes including Nigeria’s Bonny Light, Egina and Qua Iboe. In addition, private refiner Reliance Industries Ltd. bought Abu Dhabi’s flagship Murban grade — a premium crude that’s typically costlier compared with its staple diet of heavy Russian and Middle Eastern crudes.
India’s top gas importer Petronet seeks Rs 12,000 crore loan
India’s top gas importer, Petronet LNG, is looking to raise a 120 billion rupee (about $1.4 billion) local currency loan to fund the expansion of a plant, its head of finance, Saurav Mitra, said in an analyst call on Monday. The company is building a petrochemical plant in India’s western state of Gujarat at the cost of 206.85 billion rupees. Petronet aims to spend 300 billion rupees in the next few years, and most of that on building a petrochemical project, Mitra said. Its capital expenditure for 2026-27 would be higher than the 50 billion rupees estimated for the current fiscal year to March 2026, he said. Last week, the company’s board approved setting up a 5 million tons per year LNG import terminal in the eastern state of Odisha at the cost of 63.5 billion rupees.
Oil Prices Climb as U.S. and EU Reach Historic Tariff Agreement
The United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. Following months of contentious negotiations, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal at Trump’s Turnberry golf resort in Scotland. The announcement sent oil prices higher on Monday, with West Texas Intermediate (WTI) crude rising to $65.52 and Brent crude climbing to $68.84. Market optimism was buoyed by the expectation of increased U.S. energy exports to Europe, a core feature of the new trade framework. The agreement imposes a uniform 15% U.S. import tariff on most goods from the EU—significantly lower than the 30% rate Trump had threatened to implement by August 1. In return, the European bloc has committed to vast investments in the U.S. energy and defense sectors, while agreeing to open certain markets to American exports at zero tariffs. President Trump celebrated the agreement as “probably the biggest deal ever reached in any capacity, trade or beyond trade.” He said the EU would spend an additional $750 billion on U.S. energy products over the next three years, invest $600 billion in American industries, and purchase “hundreds of billions” worth of U.S. military equipment. Von der Leyen echoed the positive tone, calling it a “huge deal” that would “bring stability and predictability” for both economies. “Today’s deal creates certainty in uncertain times … for citizens and businesses on both sides of the Atlantic,” she said. Oil markets were among the first to react positively to the trade breakthrough. The EU’s pledge to spend $250 billion annually on U.S. energy imports—covering liquefied natural gas, crude oil, and potentially nuclear fuels—signals a reshaping of transatlantic energy ties. Von der Leyen stated that the deal would help reduce the bloc’s reliance on Russian energy sources, aligning with Europe’s strategic goal of energy diversification. This surge in U.S. exports could benefit key American energy producers, while providing a predictable demand floor for the next three years. The euro strengthened slightly against the dollar and yen following the announcement, another sign of market relief at the avoided trade escalation. Although the 15% tariff is significantly lower than the threatened 30%, it still represents a substantial increase from pre-agreement levels. The new tariff will apply to a wide range of goods, including automobiles, pharmaceuticals, and semiconductors—industries crucial to the EU economy. European leaders were divided in their reception of the deal. German Chancellor Friedrich Merz praised the outcome for averting a full-blown trade war, noting that it “would have hit Germany’s export-oriented economy hard.” Germany’s powerful auto sector, previously subject to a 27.5% U.S. tariff, will now face a 15% levy. However, criticism emerged from European industry groups. Wolfgang Niedermark, of the Federation of German Industries, called the deal “an inadequate compromise,” warning that “a 15 per cent US tariff rate will have a huge negative impact on Germany’s export-oriented industry.” Italy’s Prime Minister Giorgia Meloni welcomed the agreement but emphasized the need for further clarity, stating that the EU had worked diligently “to avoid the trap of those who called for fuelling a head-on clash.” Bernd Lange, chair of the European Parliament’s trade committee, was even more blunt: “The tariffs are imbalanced, and the hefty EU investment earmarked for the U.S. will likely come at the bloc’s own expense.” The deal follows a pattern of aggressive trade diplomacy by President Trump, who has already signed similar framework agreements with Japan, the UK, Indonesia, and Vietnam. Though his target of “90 deals in 90 days” remains unmet, the EU pact stands out in scale and symbolism. Despite the breakthrough, many elements remain unresolved. U.S. tariffs on steel and aluminum, currently at 50%, remain unchanged. Talks are ongoing regarding sectors such as aircraft, spirits, and agricultural goods, where future agreements may further reduce trade frictions. A senior U.S. official warned that tariff rates could still rise if the EU fails to meet its investment commitments, underscoring the conditional and politically charged nature of the deal. The U.S.-EU trade agreement marks a critical moment for global trade and energy markets. While it leaves open key questions and imposes painful compromises for some industries, it defused a looming economic conflict between two of the world’s largest trading powers. For now, markets are breathing a sigh of relief—and oil prices are climbing.
Gopalpur Terminal Project For Petronet LNG To Cost More Over Rs.40 billion
Petronet LNG has announced on Friday that the cost of building its new terminal in Gopalpur, Odisha, has gone up by over Rs 40 billion because it decided to use a land-based unit. Lack of availability of Floating Storage and Regasification Units (FSRUs) is one of the primary reasons India’s largest LNG importer decided to use a land-based LNG terminal. PLL board approved an additional investment in principle on Friday to establish a 5 million tonnes per annum (MTPA) land-based LNG terminal in Gopalpur following the approval of a 4 MTPA FSRU-based LNG terminal. The project will cost an additional Rs 40.4880 billion (including taxes and duties). The project’s total approved value including taxes and duties is Rs 63.5480 billion, the company stated in regulatory filing. It will take about three years to finish the company’s first greenfield LNG terminal on the east coast of the nation. The March quarter results were released by Petronet LNG on Friday. The company’s consolidated net profit for the first quarter of FY25 was approximately Rs 8.42 billion, a 24 per cent year-on-year (YoY) decline. The company saw a 23 per cent decline in net profit on a sequential basis. Due to early rains and maintenance schedules at some fertiliser plants, the power sector’s reduced demand for LNG caused a decline in LNG imports, which in turn caused a decline in net profit. In Q1 FY25, Petronet reported a lower consolidated total income of approximately Rs 120.96 billion as opposed to Rs 124.13 billion in Q1 FY24 and Rs 135.93 billion in Q4.
Delhi govt moves SC against blanket ban on diesel/petrol vehicles older than 10/15 years
The Delhi Government has moved the Supreme Court against the blanket ban on diesel and petrol vehicles older than 10 years and 15 years, respectively. Instead of age-based restrictions, emission-based criteria should be followed to judge roadworthiness of vehicles, it said, seeking recall of the court’s October 29, 2018, order that upheld the National Green Tribunal’s (NGT) directive on the issue. Maintaining that a comprehensive policy was required to tackle pollution in Delhi-NCR, it said vehicle fitness based on actual emission levels of individual vehicles as per scientific methods should be followed rather than implementing a blanket ban based solely on age. A comprehensive study by the Centre and the Commission of Air Quality Management (CAQM) in the National Capital Region (NCR) and Adjoining Area to assess the actual environmental benefits of age-based restrictions versus emission-based criteria. A Bench headed by Chief Justice BR Gavai is likely to take up on Monday the Delhi Government’s plea seeking recall of its October 29, 2018 order. Earlier it had directed the Transport Departments of States in the NCR that all more than 10-year-old diesel vehicles and all more than 15 -year-old petrol vehicles shall not ply as ordered by the NGT. “All vehicles, diesel or petrol, which are more than 15 years old, shall not be permitted to ply on the roads and wherever such vehicles of this age are noticed, the authorities concerned shall take appropriate steps in accordance with law, including seizure of the vehicles in accordance with the provisions of the Motor Vehicle Act.
Puducherry to launch piped natural gas supply to industries from August 15
Puducherry will commence supply of piped natural gas (PNG) to industries from August 15, with distribution to domestic and commercial consumers set to follow in phases. East Coast Natural Gas Distribution Pvt. Ltd., which is implementing the project, has completed an 18-kilometre main pipeline from the hook-up point at Sorapet to Mettupalayam. “We aim to energise the pipeline by August 15,” A Magendiran, Assistant Vice President of the company, told TNIE. Indian Oil Corporation Ltd (IOCL) will supply the gas and is currently awaiting approval from the Petroleum and Explosives Safety Organisation (PESO). “Once we receive clearance, commissioning will begin immediately,” Magendiran added. In the initial phase, PNG will be supplied to one industrial consumer in Mettupalayam to test system reliability and assess pricing before broader rollout. Meanwhile, urban pipeline work is underway for domestic supply, though some stretches are pending administrative clearances. Lieutenant Governor K Kailashnathan has directed departments, including the PWD, to expedite approvals. An additional 14 km of pipeline will be laid by the end of this financial year to expand coverage to peripheral areas. Supply will first begin in town areas before being extended outward. The network aims to serve 8,000 to 10,000 consumers this year, with eventual capacity to cover up to 25,000 consumers across Puducherry. Although the project was awarded to East Coast Natural Gas in March 2024, groundwork only began in June due to delays linked to the general elections and staggered permissions. The project is now in its final stage of gasification. To promote PNG adoption, the Puducherry government has reduced Value Added TAX (VAT) on domestic PNG from 14.5% to 5%, and to 7.5% for commercial and industrial consumers, effective from April 1, 2025. The company has also sought GST relief on input gas costs from the Centre. The price of PNG for domestic use is expected to be around Rs 550–Rs 600, on par with a standard LPG cylinder.
Govt’s U-Turn? Gadkari Confirms 27% Ethanol Blending Norms By August 2025
After denying the reports stating that 27 percent ethanol blending in petrol will be implemented in the near future, the Government of India is once again making a U-turn and has now announced that it will be finalizing the norms of 27 percent ethanol blending in petrol (E27) by the end of August this year. This statement was given by the Union Minister of Road Transport and Highways, Nitin Gadkari, at a recent event. In his most recent statement, Gadkari has stated that the guidelines for the 27 percent ethanol blending in petrol will be finalized by the end of next month. Gadkari stated, “India has already achieved its 20% ethanol blending target. Brazil is running on 27% blend; we will finalize our E27 norms by the end of August.” The target of the Government of India for 20 percent ethanol blending in petrol was by 2030. However, this target was achieved in 2023. Currently, the ethanol blending is at 19.9 percent Many are complaining that the messaging from the government has lately been very confusing. This is because just a few days ago, it was announced by the Petroleum Ministry of India that the reports about E27 blending are “misleading, mischievous, and speculative.” However, now the Minister of Road Transport and Highways has announced that indeed the E27 norms will be finalized next month. As a result of this, most citizens have highlighted that this has now become a pattern which is being used by the Government of India. They have stated that this method is now being used to implement unpopular and sensitive policies. For those who may not catch on, the government lately has been first leaking an idea.
RBI Warns of Inflation Risks from Rising Oil Import Dependence
In light of global crude oil price volatility, the Reserve Bank of India (RBI) has called for sustained vigilance and policy responsiveness to mitigate inflationary risks for India, a country heavily dependent on crude oil imports. In a paper titled ‘Revisiting the Oil Price and Inflation Nexus in India’ published in its latest Bulletin, the central bank highlighted the need for continuous assessment of both direct and indirect impacts of oil prices on the Indian economy. The RBI noted that while government intervention through taxes, cesses, and regulation of oil marketing companies has helped contain the pass-through of global crude oil price changes to domestic fuel prices, the country’s increasing import reliance could pose long-term inflationary risks. “A 10 percent increase in international crude oil prices could raise India’s headline inflation by around 20 basis points on a contemporaneous basis”, the Reserve Bank of India paper estimated. The paper also underscored that the inflationary effect of oil is not limited to retail fuel prices but extends to input and transportation costs, particularly in the post-deregulation period. This makes oil price dynamics a critical factor in monetary policy formulation, especially for economies like India that are vulnerable to external oil shocks. To reduce dependence and improve energy security, the RBI recommended exploring alternative strategies such as promoting non-fossil energy usage and pursuing regional free trade agreements and bilateral deals with major oil-exporting nations to secure more favourable pricing.
Epsilon Carbon launches LNG fleet to cut freight emissions and boost efficiency
Epsilon Carbon Pvt. Ltd. has launched a fleet of six LNG-powered container trucks for carbon black freight, aiming to reduce emissions and improve supply chain efficiency. The fleet reduces CO₂ emissions by 20–25 per cent compared to conventional diesel trucks. It also cuts nitrogen oxides by up to 90 per cent and nearly eliminates particulate matter emissions. Also read: Envision Energy celebrates 9 years, reveals growth plans Fuel efficiency Additionally, LNG trucks typically achieve 5-10 per cent better fuel efficiency, leading to lower fuel consumption and long-term cost benefits. The company’s LNG-powered fleet is contributing to Scope 3 emission reductions for its tyre customers, allowing them to include sustainability gains in their environmental reporting and carbon accounting. This initiative aligns with Epsilon’s growing focus on value chain decarbonisation and collaborative climate action. Supporting India’s net zero goals Vikram Handa, Managing Director, Epsilon Carbon, said, “India’s road logistics sector moves nearly 70 per cent of domestic freight and plays a critical role in the economy. We believe the future of logistics must be both efficient and environmentally responsible. As a leader in the chemical industry, we are committed to reducing our environmental footprint. The launch of our LNG-powered fleet is a step towards cleaner, smarter freight movement and reflects our continued support for India’s net zero goals by 2070.”