Nayara Energy Criticizes EU Sanctions as Threat to India's Energy Security
Nayara Energy, backed by Russia's Rosneft, plans a Rs 70,000 crore investment in India's downstream projects, while criticizing EU sanctions for jeopardizing energy security. EU's sanctions, aimed at weakening Russia, target Nayara despite its compliance with Indian laws. The company aims to safeguard its operations and investments.
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Nayara Energy, backed by Russian oil giant Rosneft, has pledged to invest Rs 70,000 crore in downstream initiatives tied to its refinery. This announcement comes amid sharp criticism of the European Union's latest sanctions, which the company argues are unjust and threaten India's energy security.
The European Union recently approved its 18th sanctions package against Russia, targeting revenue sources linked to its ongoing conflict with Ukraine. Among the entities affected is India's Nayara Energy. In response, Nayara condemned the move as baseless and illegal, stating that such actions endanger the stable supply of crucial petroleum products to millions of Indians.
Amidst the geopolitical tensions, Nayara reiterated its alignment with India's national priorities, emphasizing its significant contribution to the country's refining capacity and retail network. The firm remains committed to continuing its substantial financial investments despite international pressures, underscoring a dedication to energy security and economic growth within India.
(With inputs from agencies.)
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