Page 144 - CW E-Magazine (8-7-2025)

Hydrocarbons

MARKET RUMOURS
Rosneft said to be in talks with Reliance to sell stake

in Nayara Energy

Russian oil giant PJSC Rosneft Oil deal is struck, Trafi gura is also likely to
Company is reported to be in early talks exit the venture within months on same
with Reliance Industries Ltd. (RIL) for terms.
sale of its 49.13 percent stake in Nayara
Energy, which operates a 20-million The stakes of Rosneft and UCP is
tonnes-a-year oil refi nery and 6,750 reported to have been off ered to Reli-
petrol pumps in India. ance Industries, Adani Group, Saudi
Aramco and state-owned ONGC/IOC
Reliance is said to have held preli- for the stake. Being a large exporter of combine among others.
minary talks for acquisition of Nayara, fuel, Reliance has substantial overseas
which will help it overtake state-owned income. Reliance operates twin refi neries,
Indian Oil Corporation (IOC) to be- with a combined capacity of 68.2-mil-
come India’s No.1 oil refi ner as well as Rosneft had acquired Essar Oil in lion tonnes per annum at Jamnagar. Its
give a meaningful presence in the fuel 2017 in a $12.9-bn deal. Essar Oil was units are in the vicinity of Nayara’s
marketing space. subsequently named Nayara Energy. 20-million tonnes-a-year unit at Vadi-
nar. Nayara will help it cross IOC’s
For Rosneft, which is looking to Alongside Rosneft, UCP Invest- 80.8-million tonnes-a-year capacity
exit from Nayara due to western sanc- ment Group, a major Russian fi nancial to become No.1 refi ner in the country.
tions limiting its ability to repatriate fi rm, is also selling its 24.5 percent But more importantly, the 6,750 petrol
full earnings from India operations, a stake in Nayara. pumps of Nayara would help it gain a
potential buyer could be one who has meaningful share in the fuel retailing
substantial earnings overseas or is an The rest of Nayara’s ownership business. Reliance has just 1,972 petrol
international company – both of which includes Trafi gura Group (24.5 percent) pumps out of 97,366 outlets in the
could make quick overseas payouts and a group of retail shareholders. If a country.
PRICE FIXING
Government fi xes domestic natural gas price at $6.89 per

mmBtu for July

The government has fi xed the price nomination fi elds will be subject to a power, city gas distribution (CGD), and
of domestic natural gas at $6.89 per ceiling of $6.75 per mmBtu on GCV other consuming sectors.
million British thermal units (mmBtu) basis during the same period.
on gross calorifi c value (GCV) basis The natural gas price of $6.89 per
for the month of July 2025, according to The revised pricing is applicable mmBtu for July 2025 is consistent with
a notifi cation issued by the Petroleum from July 1 to July 31, 2025, and will the cap-based pricing regime intro-
Planning and Analysis Cell (PPAC) be used for all calculations related to duced by the government in April 2023,
under the oil ministry. natural gas sales by producers for the which seeks to provide a stable pricing
period mentioned. framework while protecting the inte-
The pricing has been determined in rests of both producers and consumers.
accordance with the oil ministry noti- The domestic gas price and the APM The ceiling price of $6.75 per mmBtu
fi cation of April 7, 2023, which pres- ceiling rate are reviewed and notifi ed for APM gas is applicable to volumes
cribes the procedure for revision of on a monthly basis in accordance with produced from nomination fi elds of
domestic gas prices. As per Paragraph the guidelines issued by the ministry. ONGC and OIL, which account for a
4 of the same notifi cation, the gas pro- The prices serve as a key benchmark signifi cant portion of India’s domestic
duced by ONGC and OIL from their for determining gas tariff s for fertiliser, gas output.

144 Chemical Weekly July 8, 2025

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