Indian Refiner Nayara Seeks New Local Bank After EU Sanctions

Mumbai-based oil refiner Nayara Energy Ltd., part-owned by Russian energy giant Rosneft PJSC, has asked government officials to broker a relationship with a domestic lender such as UCO Bank Ltd. after EU sanctions prompted greater caution among larger banks, according to people familiar with the matter.

Executives at Nayara held talks with officials from the Indian finance ministry last week, the people said, asking not to be identified because discussions are private. The company is seeking a local bank to finance and wire payments for crude oil imports and to help it receive payments for refined fuel product exports, the people said. A ratings company in July said Nayara’s liquidity was healthy.