Nayara Energy Unlisted Shares
Saudi Aramco, Iraq company SOMO halt oil sales to Nayara Energy
The Ecoonomic Times
2 min read
Saudi Aramco and Iraq's SOMO to Stop Oil Supplies to Nayara Energy.
Expert Analysis:
Crude Supply Halt: Saudi Aramco and Iraq's state oil firm SOMO have stopped crude sales to Nayara Energy following European Union sanctions imposed in July on the Russian-backed refiner.
August Supply Shortfall: Nayara, which normally sources about 2 million barrels of Iraqi crude and 1 million barrels of Saudi crude each month, received no shipments from either supplier in August, according to Kpler and LSEG shipping data; SOMO, Nayara, and Saudi Aramco declined to comment.
Last SOMO Shipment: The final SOMO cargo, a Basra crude shipment, was discharged at Nayara's Vadinar port on July 29 by the VLCC Kalliopi, according to Kpler, LSEG, and industry sources.
Final Saudi Delivery: Nayara received 1 million barrels of Arab Light from Saudi Aramco on July 18 aboard the VLCC Georgios, co-loaded with a similar volume of Basrah Heavy, marking its final Saudi shipment.
Refinery Utilization: Nayara's 400,000 bpd Vadinar plant, representing about 8% of India's refining capacity, has been operating at 70-80% utilization due to difficulties in selling products under EU sanctions.
Shipping Adjustments: Since the sanctions, Nayara has relied on "dark fleet" vessels to transport fuels after mainstream shippers withdrew, according to shipping reports and LSEG data.
Investors should note that EU sanctions limit Nayara’s crude sourcing and reduce utilization, impacting revenue and reliance on Russian supplies.
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