Nayara Energy to invest Rs 70,000 cr in India; says EU sanctions go against India's interests
ADVERTISEMENT A day after Rosneft condemned sanctions on its Indian unit, Nayara Energy, as unjustified, illegal, and a direct threat to India's energy security, Nayara in a statement said the restrictions "risk disrupting the uninterrupted supply of petroleum products that are essential to millions of Indian citizens and industries".
The European Union's 18th package of sanctions against Russia over its war in Ukraine was approved last week with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned.
"We categorically state that this unilateral move by the European Union is founded on baseless assertions, representing an undue extension of authority that ignores both international law and the sovereignty of India," Nayara said. The firm, which operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat and over 6,750 petrol pumps in the country, went on to state that while many European countries continue to import Russian energy through various sources, "they take a high moral ground by chastising and sanctioning an Indian asset for processing Russian crude largely used by its domestic population of 1.4 billion Indians and businesses." "Such actions not only undermine India's interests, but also risk disrupting the uninterrupted supply of petroleum products that are essential to millions of Indian citizens and industries," it said, adding the company remains steadfast in its role as a reliable energy partner for India.
ADVERTISEMENT "We urge all stakeholders to respect the principles of sovereignty and fair international conduct," it said. "We are actively exploring all legal and appropriate avenues to address this situation and to protect the interests of our operations, employees, and our stakeholders." Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. An investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.).
ADVERTISEMENT "Nayara Energy strongly condemns the European Union's unjust and unilateral decision to impose restrictive measures on our company," the firm said in the statement. "Nayara Energy operates in full compliance with the laws and regulations of India." It said that as "an Indian company", it is "deeply committed to supporting the nation's energy security and fostering economic growth."
ADVERTISEMENT "Our organization is governed by Indian law and proudly serves as a vital contributor to the country's energy infrastructure," it said. "Recently, Nayara Energy has come under international scrutiny, facing political pressures and the imposition of sanctions by the European Union which have no legal basis." Nayara said it "will continue to invest over Rs 70,000 crores in the long term towards petrochemicals, ethanol plants, marketing infrastructure expansion and refinery reliability including ESG projects."
ADVERTISEMENT It however did not offer any further details of the projects. The company said since August 2017, it has invested over Rs 14,000 crores in various projects within India including upgrading existing refining facilities, investing in a new petrochemical plant and other new infrastructure projects. "Our operations are closely aligned with India's national priorities. Contributing approximately 8 per cent of the country's total refining capacity, 7 per cent of India's retail petrol pump network and estimated 8 per cent of polypropylene capacity while employing over 55000+ direct and indirect employees across the country, Nayara Energy remains at the cornerstone of India's energy security." Nayara said its "ongoing investments in domestic infrastructure, job creation, with continued investments in petrochemicals and retail network expansion underscores our unwavering commitment to the growing Indian market and to advancing the country's ambition of achieving energy self-sufficiency." Calling its mission 'In India, for India', the company said it primarily caters to the domestic market through India's largest private fuel retail network, institutional sales and partnerships with other oil marketing companies (OMCs). It went on to list its annual CSR budget of Rs 200 crore, tax payments (over Rs 2.5 lakh paid since August 2017), and compliance of applicable laws and regulatory frameworks. "Transparency, legal accountability, and constructive stakeholder engagement are cornerstones of our operations," it said.
It reiterated commitment to ensuring no disruption to its daily operations.
"We firmly believe that there is no impact whatsoever on Nayara Energy's interests, and we remain steadfast in our dedication to delivering value to our stakeholders," the statement added.
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