UPDATE 1-Russia-backed Indian refiner Nayara appoints industry veteran Teymur Abasguliyev as new CEO

Russia-backed Indian refiner Nayara Energy has appointed industry veteran Teymur Abasguliyev as its chief executive officer, the company said in a statement on Tuesday, amid mounting operational headwinds.

Abasguliyev, who was previously chief financial officer at Azerbaijan's state oil firm SOCAR, will take charge in September, the company said. Last month, Reuters reported that Nayara's former CEO, Alessandro des Dorides, resigned in July after the European Union blacklisted the refiner in its latest sanctions package against Russia.

The company, which controls about 8% of India's 5.2-million-barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions, prompting shippers to back out and forcing the refiner to cut its crude runs.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)