Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources

Russia-backed Indian refiner Nayara Energy, sanctioned by the European Union, did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday.

This is the first case of the private refiner skipping the award of a tender since the European bloc released its 18th package of sanctions last week, which included Nayara Energy, part-owned by Rosneft.

Nayara, which operates a 400,000 barrels-per-day refinery in western Gujarat state, had revised the terms and sought advance payment or a letter of credit for sale of the 33,000-35,000 metric ton cargo scheduled for August 14-18 loading.

The tender closed on Monday.

Nayara did not immediately respond to Reuters' emails seeking comment.

A tanker chartered by energy major BP left a port run by Nayara Energy without loading, a sign fresh European Union curbs on Russia are beginning to bite.

Nayara has condemned the EU's decision to impose sanctions on the company as "unjust and unilateral".