Nayara Energy seeks ships from India to ferry refined fuels, Indian government source says
By Nidhi Verma
NEW DELHI, Aug 7 (Reuters) - Russia-backed private refiner Nayara Energy, which was sanctioned by the European Union last month, has sought help from India's shipping ministry to get vessels for the movement of its refined fuels, a government source said on Thursday.
Sanctions-hit Nayara is struggling to get vessels for the supply of refined fuels for its retail stations in India. The private refiner has already cut crude runs at its refinery.
Since EU's sanctions, Nayara has faced shippers asking for termination of contracts and Microsoft MSFT.O briefly suspending critical services.
The ministries of shipping, oil and foreign affairs will shortly meet to look into Nayara's request, the source told reporters after a meeting with Nayara officials.
New Delhi is exploring possibilities of arranging India-flagged vessels of local companies for the private refiners. Vessel owners are citing problems including availing insurance cover for undertaking voyages for Nayara, the source added.
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