This Russian company operates 6,750 petrol pumps across India, now announces MAJOR plan to invest Rs 700000000000, the company is…
Nayara Energy, which is partly owned by the Russian oil company Rosneft, has announced a major investment of Rs. 70,000 crore in India. At the same time, the company has strongly criticized the new sanctions placed on it by the European Union (EU), calling them unfair and harmful to India’s interests. These sanctions are part of the EU’s 18th round of restrictions against Russia, introduced last week in response to the ongoing war in Ukraine. The main aim of these sanctions is to reduce the income Russia earns from oil and other exports. Nayara Energy is among the companies that have been targeted in this latest round.
Nayara said that while many European countries continue to import Russian energy through various channels, the EU is punishing an Indian company that only processes Russian oil. Rosneft owns a 49.13 per cent stake in Nayara Energy, which was earlier known as Essar Oil Limited.
In a statement on Monday, the company said it is actively exploring all legal options and that it will counter the EU’s decision, which it claims undermines India’s sovereignty and disregards global norms.
Company runs a major oil refinery in Gujarat
Nayara Energy operates a large oil refinery in Vadinar, Gujarat, with a capacity of 20 million tonnes per year. The company also runs over 6,750 petrol pumps across the country.
A private investment group named Kesani Enterprises owns 49.13 per cent of Nayara. Kesani itself is backed by two Russian firms, United Capital Partners (UCP) and Hara Capital Sarl.
Recently, there have also been reports suggesting that Rosneft may be planning to sell its stake in the refinery and exit the project.
News