Russia-backed refiner Nayara Energy posts record profit at $447.5 mn
India’s Nayara Energy, part owned by Russian oil major RosneftMM>, posted a record quarterly profit in April-June as its margins improved due to higher intake of discounted Russian oil and fuel exports.
Nayara posted a net profit of about 35.64 billion rupees($447.5 million) in the June quarter compared to a net loss of 1.39 billion rupees a year earlier, it said in a late evening stock exchange filing on Friday.
Rosneft and Kesani Enterprises Co Ltd, a consortium led by Trafigura Group and Russia’s UCP Investment Group, holds 49.13% stake each in Nayara.
The private refiner’s June quarter profit was also higher than the 10.30 billion rupees profit posted in the entire fiscal year to March 31, 2022.
