Nayara Energy adapts to EU sanctions by shifting export routes
Nayara Energy, one of India's biggest oil refiners, had to rethink its export game after the EU hit it with sanctions in July 2024 because nearly half the company is owned by Russia's Rosneft.
The move forced Nayara to pause exports for about two weeks and scale back operations at its Vadinar refinery, shaking up their regular shipping routes and sales.
Nayara's exports before and after the sanctions
Before the sanctions, Nayara was shipping out about 138,000 barrels a day mainly to Europe, the Middle East, and Asia.
By September 2024, exports dropped to around 80,000 barrels daily.
Now they're sending most shipments to the Middle East and Turkey—and testing out new markets like Taiwan and Brazil.
Tankers have been spotted off the coasts of Oman and UAE
Since August, at least 16 tankers have left Vadinar. Some are anchored off Oman and the UAE, where ship-to-ship transfers have occurred—a workaround to keep business moving.
Deliveries have landed at Turkey's Turkis Enerji storage as well as ports in Brazil and Taiwan.
It's a clear sign of how quickly companies adapt when global politics shift overnight.