Nayara Energy Appoints New CEO Amid EU Sanctions
Indian refiner Nayara Energy, backed by Russian giant Rosneft, appoints Sergey Denisov as CEO following the resignation of Alessandro Des Dorides, amid recent EU sanctions. Des Dorides, previously sacked by Eni for illegal oil trade, left as sanctions on Nayara, part of Russia's economic measures, were announced.
- Country:
- India
Nayara Energy, an Indian refiner backed by Russian oil giant Rosneft, recently named Sergey Denisov as its new CEO, following the resignation of Alessandro Des Dorides. This leadership change comes in the wake of European Union sanctions imposed as part of measures against Russia over its conflict with Ukraine.
Des Dorides, who joined Nayara Energy in April 2024, had previously faced dismissal from Italian oil company Eni for withholding details about illegal oil trade with Iran. His departure from Nayara coincides with EU's sanctions announcement, highlighting the company's entanglement in international geopolitical tensions.
Rosneft, holding a significant stake in Nayara, alongside investors United Capital Partners and Mareterra Group Holding, condemned the sanctions as threats to India's energy security. Despite challenges, Nayara's robust operational framework and strategic importance in India's oil refining sector remain significant, as affirmed by CareEdge Ratings.
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