Nayara Energy Defies EU Sanctions: Commitment to India's Energy Security
Nayara Energy, backed by Rosneft, plans a Rs 70,000 crore investment in India's energy infrastructure despite EU sanctions. The company criticizes the sanctions as baseless and harmful to India's interests. Operating under Indian law, Nayara emphasizes its commitment to national energy security and economic growth.
- Country:
- India
Nayara Energy, the Rosneft-backed oil giant, has reaffirmed a major investment of Rs 70,000 crore in India's energy projects, criticizing the European Union's sanctions against it. The company labels the EU's 18th sanction package, aimed at Russia, as unjust and a threat to India's crucial energy supply.
Last week, the European Union approved further sanctions against Russia, impacting Nayara Energy, among others. In response, Nayara argued that the sanctions jeopardize the steady flow of essential petroleum products to millions in India and unfairly extend EU authority beyond its jurisdiction.
Nayara, responsible for a significant proportion of India's refining and retail fuel distribution, intends to sustain its operations while aligning with India's national energy goals. The company underscores its ongoing adherence to Indian regulations and vows to pursue legal measures against the EU's punitive actions.
(With inputs from agencies.)
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