Russian-backed refiner Nayara Energy, which was sanctioned last month by the European Union, has asked India’s shipping Ministry to help get ships for moving its refined fuels, per a government source.

Nayara Energy is struggling to get ships for the supply of refined fuels for its retail stations in India. The private refiner has cut crude runs at its refinery.

Since the imposition of sanctions, things became difficult for the company as many shippers asked to terminate their contracts, and Microsoft briefly suspended vital services.

The Ministries of Shipping, Oil and Foreign Affairs would shortly meet to look into Nayara’s request.

New Delhi is exploring the possibilities of arranging India-flagged ships of local companies for private refiners.

Ship owners cited various issues, such as availing insurance cover for undertaking voyages for Nayara, per sources.

Source: www.marineinsight.com