India’s oil scene just recorded a surprising twist — and Nayara Energy is at the centre of it.
After months of pressure from EU sanctions, the Rosneft-backed refiner has suddenly doubled its fuel exports in November. From 75,000 barrels per day in October to 150,000 barrels per day (bpd) in November — its highest level since March.
So, what changed?
Back in July, the European Union slapped sanctions on Nayara. While the US hasn’t targeted the refiner directly, Rosneft — Nayara’s main shareholder — has been sanctioned, adding indirect pressure.
The impact was immediate:
Difficulty sourcing crude oil
Disrupted export channels
Shipping partners backing out to avoid regulatory trouble
But disruption also forced innovation.
Nayara now sources 100% of its crude from Russia. In November alone, it imported 408,000 bpd, the highest since May. And because Russian crude is available at a steep discount due to global sanctions, Nayara has found itself operating very close to its maximum profitable capacity.
Cheaper crude → lower refining cost → higher margins → more exports.
With old markets becoming harder to access, Nayara has expanded into new destinations:
Bahamas
Taiwan
Sudan
Brazil
Turkey
Interestingly, almost one-third of Nayara’s exports didn’t go directly to a final customer. Instead, they traveled through ship-to-ship (STS) hubs like Fujairah (UAE) and Sohar (Oman) — both known for helping obscure the final destination of sensitive oil cargoes.
This isn’t unheard of. Iran and Russia routinely use the same tactic to avoid sanction-linked scrutiny.
A mix of factors worked in Nayara’s favour:
Refining capacity back near optimal levels
Discounted Russian crude supply
Shrinking Russian refined exports (after Ukrainian drone attacks)
New buyers willing to deal despite sanctions
Flexible logistics networks using STS and transshipment hubs
In short, the company is capitalizing on a reshuffled global oil market where traditional trade lines have blurred.
This export surge signals something larger:
India is emerging as a key refining hub in a post-sanctions world.
Refiners like Nayara benefit from buying cheap Russian crude and selling refined fuel at global prices.
Countries avoiding direct purchase from Russia find Indian fuel a convenient workaround.
In other words, India is becoming the middleman in global energy rerouting.
If geopolitical conditions remain unchanged, Nayara’s model could continue thriving:
High import volumes
Flexible export routing
Expansion into sanction-neutral markets
But the risk remains:
Any future secondary sanctions
Increased scrutiny of ship-to-ship transfers
Volatility in Russian crude availability
For now, though, Nayara has found its rhythm — and it’s exporting at full volume.
A few months ago, sanctions threatened to cripple Nayara Energy.
Today, with discounted Russian supply and creative trade logistics, the company is not just surviving — it’s scaling up.
The oil market may be global, but right now, Nayara’s playbook is hyper-local, opportunistic, and working.
