NEW DELHI (Reuters) -Nayara Energy, an Indian refiner part-owned by Russia’s Rosneft and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters.
The tweak in payment terms comes after the European bloc released on Friday its 18th package of sanctions, which included Nayara Energy. Rosneft, Russia’s biggest oil producer, said on Sunday the sanctions were unjustified and illegal.
Nayara sought advance payment or a letter of credit from the potential buyer for the 33,000-35,000-metric ton naphtha cargo to load during August 14 to 18, the document showed.
The tender will close on Monday with bids valid on the same day.
The company also issued a jet fuel sale tender on Friday, but negotiations were slightly prolonged as the company was looking to change payment terms, a trader familiar with the matter said.
The refiner ultimately sold the cargo at premiums of $2.5-3 per barrel linked to free on board (FOB) Arab Gulf price quotes to a Middle East-based oil major, several trade sources said, without further details on payment terms.
Nayara did not immediately respond to Reuters emails seeking comment.
Rosneft holds a 49.13% stake in Nayara Energy and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy’s Mareterra Group and Russian investment group United Capital Partners.
(Reporting by Trixie Yap in Singapore, Mohi Narayan and Nidhi Verma in New Delhi; Editing by Emelia Sithole-Matarise)
