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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
A number of oil traders and banks have ceased dealing with Indian refiner Nayara Energy – a Rosneft affiliate due to sanction fears according to Reuters citing two unnamed sources.
- Nayara is India’s second biggest refiner, 49% owned by Rosneft. It is not sanctioned but Rosneft is. It accounts for 8% of India’s refining capacity. It is a key buyer of Russian crude since western sanction struck.
- The sources said the refiner is primarily dependent on Middle Eastern crudes now (see chart).
- Companies that have declined to deal with Nayara include Phillips 66, Occidental Petroleum Corp, Cepsa, Equinor, Gunvor, Koch, Petrogal, Respsol, Shell, Suncor Energy, Ecopetrol and TotalEnergies.
- Banks and other firms that have refused to work on new hedging positions for Nayara include Citigroup , Morgan Stanley , BNP Paribas, JPMorgan , France's Engie as well as the core banking units of Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, they said. – the above names are based on Reuters sources.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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