Gujarat refinery came under fire due to EU action on Russia, now Indian government has given a strong response

The Indian government has opposed the EU sanctions on the Nayara Energy refinery, categorically stating that it does not recognise unilateral sanctions outside the ambit of the UN. The Ministry of External Affairs has stressed the need to avoid double standards in the energy sector.

The Indian government has reacted strongly to the EU sanctions imposed on Nayara Energy's refinery located in Vadinar, Gujarat. The Indian government has made it clear to the European Union that it does not accept any unilateral sanctions which are outside the scope of the United Nations. The Ministry of External Affairs also said that there should not be double standards in the energy sector.

This refinery in Gujarat has come under the purview of EU sanctions as the EU has imposed new restrictions on Russian oil exports. The purpose of these sanctions by the European Union is to stop Russia's funding for war.

Indian government gave a strong response to EU

EU foreign policy chief Kaja Kallas said that for the first time, we are including Rosneft's largest refinery in India in the ban. Reacting to this, India said that it does not accept any unilateral sanctions. India is a responsible country and is committed to fulfilling its legal responsibilities. The Indian government considers energy security to be most important to meet the basic needs of its citizens.

Foreign Ministry spokesperson Randhir Jaiswal said that there should not be double standards in the matter of energy trade. At the same time, the EU sanctions may affect the Gujarat refinery. This may reduce exports.

Russian oil price fixed at $60

The new rules fix the price of Russian oil at $60 per barrel. Countries outside this can use Western ships and insurance services. Apart from this, 105 more ships have been banned. A total of 223 ships have been banned so far. This will reduce Russia's ability to sell oil at a lower price.

Rosneft bought the refinery from Essar Oil in 2017 for $12.9 billion in partnership with commodities trader and Russian investment firm. The refinery has a capacity of 20 million tonnes per annum. Rosneft has a 49.1 percent stake in the venture. The refinery is dependent on exports to Europe and Africa as it has only 6,750 petrol pumps in India. A ban on products made from Russian oil could affect exports, threatening operations and jobs.

According to a Times of India report, Rosneft had started talks to sell its stake in Nayara to Reliance Industries Ltd, but the $20 billion price tag was becoming a problem. The new price will be determined by the market as the current price has become less effective due to low prices.

Gujarat refinery came under fire due to EU action on Russia, now Indian government has given a strong response The Indian government has opposed the EU sanctions on the Nayara Energy refinery, categorically stating that it does not recognise unilateral sanctions outside the ambit of the UN. The Ministry of External Affairs has stressed the need to avoid double standards in the energy sector.

The Indian government has reacted strongly to the EU sanctions imposed on Nayara Energy's refinery located in Vadinar, Gujarat. The Indian government has made it clear to the European Union that it does not accept any unilateral sanctions which are outside the scope of the United Nations. The Ministry of External Affairs also said that there should not be double standards in the energy sector.

This refinery in Gujarat has come under the purview of EU sanctions as the EU has imposed new restrictions on Russian oil exports. The purpose of these sanctions by the European Union is to stop Russia's funding for war.

Indian government gave a strong response to EU

EU foreign policy chief Kaja Kallas said that for the first time, we are including Rosneft's largest refinery in India in the ban. Reacting to this, India said that it does not accept any unilateral sanctions. India is a responsible country and is committed to fulfilling its legal responsibilities. The Indian government considers energy security to be most important to meet the basic needs of its citizens.

Foreign Ministry spokesperson Randhir Jaiswal said that there should not be double standards in the matter of energy trade. At the same time, the EU sanctions may affect the Gujarat refinery. This may reduce exports.

Russian oil price fixed at $60

The new rules fix the price of Russian oil at $60 per barrel. Countries outside this can use Western ships and insurance services. Apart from this, 105 more ships have been banned. A total of 223 ships have been banned so far. This will reduce Russia's ability to sell oil at a lower price.

Rosneft bought the refinery from Essar Oil in 2017 for $12.9 billion in partnership with commodities trader and Russian investment firm. The refinery has a capacity of 20 million tonnes per annum. Rosneft has a 49.1 percent stake in the venture. The refinery is dependent on exports to Europe and Africa as it has only 6,750 petrol pumps in India. A ban on products made from Russian oil could affect exports, threatening operations and jobs.

According to a Times of India report, Rosneft had started talks to sell its stake in Nayara to Reliance Industries Ltd, but the $20 billion price tag was becoming a problem. The new price will be determined by the market as the current price has become less effective due to low prices.

PC:NBT