Nayara to Invest Rs 70,000 Cr in India, Flags EU Sanctions Impact

Rosneft-supported Nayara Energy reaffirmed its intention to invest ₹70,000 crore in Indian downstream energy initiatives, while vocally disapproving of the recent round of sanctions imposed by the European Union as unfair and counter to the energy interests of the nation.

In a statement on Monday, the firm stated that the EU sanctions — as part of the bloc's 18th package against Russia for its war in Ukraine — are "unjustified, illegal," and pose a threat to the energy security of India. The sanctions would jeopardize the supply of petroleum products critical to millions of Indian citizens and industries, it further stated.

Nayara, which runs a 20 million tonnes per year refinery at Vadinar, Gujarat, and more than 6,750 retail fuel stations across the country, stated that the EU's unilateral action was premised on "baseless claims" and disregarded international law and India's sovereignty.

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"European nations go on importing Russian fuel through different means while punishing an Indian company for refining crude destined for consumption in the domestic market," the company said. Nayara reiterated its position as an Indian company functioning fully according to Indian laws and contributing close to 8% of the country's refining capacity.

Since August 2017, the firm has spent ₹14,000 crore on refining, petrochemical, and infrastructure projects, and has more than 55,000 employees in India. It placed strong focus on further investments in petrochemicals, ethanol, ESG schemes, and marketing infrastructure.

Nayara reaffirmed its dedication to India's energy security and asserted it is pursuing legal options actively. Calling its mission "In India, for India," the company pointed out it operates mainly in the local market, has remitted ₹2.5 lakh crore in taxes since 2017, and has an annual CSR expenditure of ₹200 crore.