Nayara Energy to Invest Rs 70,000 Crore in India
Russian oil giant Rosneft-supported Nayara Energy reiterated its intention to invest Rs 70,000 crore in downstream initiatives related to its refinery, while denouncing the recent EU sanctions as unjust and detrimental to India's interests.
Following Rosneft's condemnation of the sanctions on its Indian subsidiary, Nayara Energy, as unwarranted, illegal, and a direct threat to India's energy security, they pointed out that the restrictions could disrupt the steady supply of petroleum products crucial for millions of Indian citizens and industries.
The European Union recently approved its 18th sanctions package against Russia, aiming to diminish its revenue streams due to the ongoing conflict in Ukraine. Nayara Energy was among the companies affected by these sanctions.
"We firmly declare that this unilateral decision by the European Union is based on unfounded claims, constituting an undue overreach that disregards both international law and India's sovereignty," Nayara states.
The company, which runs a 20 million tonnes per year oil refinery in Vadinar, Gujarat, and operates over 6,750 petrol stations across the country, noted that while numerous European nations continue to import Russian energy through various channels, they adopt a moral superiority stance by criticizing and sanctioning an Indian entity for processing Russian crude primarily for the benefit of its domestic population of 1.4 billion and local businesses.
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Such measures not only jeopardize India's interests but also threaten the continuous supply of essential petroleum products for millions of Indian citizens and industries. The firm remains committed to being a dependable energy partner for India.
“We call upon all relevant parties to uphold the principles of sovereignty and fair international behavior. We are actively seeking all lawful and suitable means to address this situation and safeguard the interests of our operations, employees, and stakeholders,” the company adds.
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Since August 2017, it has invested over Rs 14,000 crores in various initiatives within India, including enhancing existing refining capabilities, financing a new petrochemical facility, and other infrastructure projects.