Nayara Energy, the second-largest private oil refinery in India, reported a steep fall in gasoline exports as domestic sales soared due to the development of the retail network and increased demand. Nayara claimed that for the calendar year 2022, 61% of sales came from the local market, and the remaining 39% came from exports of all goods, including jet fuel (ATF), diesel, and petrol. Diesel exports accounted for about 4.39 million tonne, or roughly 64% of all exports, of the 6.91 million tonne of fuel that Nayara shipped in 2022.
Asia, the Middle East, and Africa accounted for more than 84% of total gasoline exports, with only trace amounts travelling to the EU. The majority of the fuel generated by Nayara's 20 million tonne per year oil refinery in Gujarat's Vadinar was sold through its 6,500+ petrol stations, the largest fuel retail network operated by a private enterprise. During January-March 2023, subsequent to meeting domestic demand, Nayara Energy's biggest primary export markets have been the Middle East and Africa contributing about 84 per
cent to the total exports, the spokesperson said adding domestic sales during the quarter were 67 per cent while exports accounted for the remaining 33 per cent. Subsequently, domestic sales surged to 73 per cent of all fuel sold in April and to 79 per cent in May. Exports on the other hand declined to 27 per cent of all fuel sold in April and 21 per cent in May, the official said.
During April 2022 to March 2023, Nayara supplied a minuscule quantity of 0.07 million tonne of diesel - a mere 1.7 per cent of the total diesel exports - to Gibraltar (Europe) via international traders. On the other hand, no gasoline (petrol) has been exported to the EU. The official said Nayara is committed to securing India's energy needs, as can be seen by the increase in its domestic supplies year-on-year. There has been a decline in the proportion of export sales from 46 per cent in calendar year 2019 to 39 per cent in CY2022 as it opened more retail fuel stations.
Through institutional business, sales to other oil firms, and its own retail chain, the corporation focuses primarily on serving the domestic market. The official stated, "India is structurally short on diesel and the same is to be exported after satisfying domestic demand." While historically the Middle East and Africa have been Nayara's primary export markets because they have a steady demand for its goods throughout the year, it is not economically feasible for Nayara to meet the seasonal needs of EU markets (winter-grade diesel).
Nayara Energy provides 8% of India's refining output and is primarily concerned with meeting the rising domestic demand. The high domestic sales we generate for the nation through our retail stores, institutional clients, and oil firms are proof of this, the representative said. To achieve the best possible supply chain management, only the excess product is shipped. Rosneft, a Russian company, owns 49.13% of Nayara Energy; the remaining 24.5% is split between UCP Investment Group and Mareterra Group, an Italian company.