Nayara Energy's Stand Against EU Sanctions

NEW DELHI: Nayara Energy announced on Monday that it is exploring legal avenues to safeguard its operations, employees, and stakeholders from what it describes as the European Union's "unjust and unilateral" restrictions. The company has reassured that there will be no disruption in supply from its Vadinar refinery in Gujarat.

Details of the EU's Sanctions

The EU's recent sanctions target Nayara's refinery, which has an annual capacity of processing 20 million tonnes, as part of broader measures against Russian oil exports. Russia’s Rosneft holds a 49% stake in Nayara, which also operates India’s largest private sector fuel retail network with 6,750 petrol pumps.

Nayara's Commitment to India's Energy Security

Nayara emphasized its role as an Indian entity operating in full compliance with local laws and its contribution to the nation's energy security and economic growth. The company has contributed over Rs 2.5 lakh crore in taxes since August 2017.

Criticism of the EU's Double Standards

The company criticized the EU for its double standards, pointing out that many European countries continue to import Russian energy while imposing sanctions on an Indian asset processing Russian crude, primarily for domestic use.

India's Opposition to Unilateral Sanctions

India has opposed the EU's sanctions, stating that it does not recognize unilateral measures and views them as an overreach that undermines India's sovereignty and could disrupt essential petroleum supplies.