Latest news with #NayaraEnergy
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Business Standard
8 hours ago
- Business
- Business Standard
Indian shipowners urge Nayara to end vessel charters after EU sanctions
At least three India-based shipowners have asked Nayara Energy to terminate their ongoing vessel charter agreements following recent European Union (EU) sanctions against the refiner, according to a Reuters report. The companies are said to be seeking a way out of their contracts amid rising concerns over possible exposure to regulatory risk. Nayara Energy, which is significantly owned by Russian entities including Rosneft, has come under renewed scrutiny after being targeted by EU sanctions earlier this month for its ties to Russia's oil trade. The shipowners' move reflects growing caution in the Indian shipping industry over associating with sanctioned entities. It is important to mention that there is no direct legal obligation under Indian law to comply with European sanctions. Legal battle with Microsoft The development comes after Nayara filed a petition in the Delhi High Court against Microsoft, alleging that the US-based technology firm had abruptly cut off access to its licensed digital services without prior warning or discussion. 'Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products -- despite these being acquired under fully paid-up licences,' the company said in a statement. Nayara described the action as unilateral and taken 'under the guise of compliance,' arguing that Microsoft has no obligation under US or Indian law to enforce EU sanctions. According to Reuters, the software giant suspended Nayara's access to essential communication and collaboration platforms --including email and Microsoft Teams -- last Tuesday (July 22). The disruption has reportedly affected internal operations and communication across the company. Nayara's petition seeks an interim injunction and immediate restoration of services. 'This action has been taken unilaterally, without prior notice, consultation or recourse,' the company said, adding that it was a direct violation of its rights as a paying customer. 'Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licences,' the company said in a statement. Nayara said the abrupt suspension—affecting tools such as email and Teams—was taken without consultation and described the action as being carried out 'under the guise of compliance.' The company is now seeking a court injunction to restore access. Emphasis on growth Despite mounting challenges, Nayara has underscored its strategic importance to India's fuel and energy sector. The company contributes approximately 8 per cent of the country's total refining capacity and operates about 7 per cent of India's retail fuel outlets. It is also in the process of developing nearly 8 per cent of the nation's polypropylene production capacity. In a statement, Nayara reiterated its commitment to ensuring uninterrupted fuel supply across the country. Guided by the philosophy 'In India, for India,' the company's focus remains largely on domestic operations, including sales through retail stations, supply to institutional clients, and collaborations with other oil marketing firms. Nayara is also expanding its footprint in petrochemicals and clean energy, supporting employment generation and long-term industrial growth.
Time of India
10 hours ago
- Business
- Time of India
After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy
New Delhi: Three directors and two senior executives, including the head of Health, Safety, and Environment (HSE), have resigned from Russian energy giant Rosneft-backed oil refiner Nayara Energy after the company was sanctioned by the European Union, sources aware of the matter said. Victoria Cunningham, Avril Mary Anne Conroy and Jorg Tumat, who were on the board of directors of Nayara Energy, have resigned earlier this month, the sources said. Besides, Barbara (Hofbauer) Oberhauser, who was senior vice president and Head HSE, too has resigned. The resignations follow chief executive Alessandro Des Dorides quitting the company shortly after the European Union imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. An email sent to the company seeking reactions remained unanswered. Sources said that Des Dorides, along with the three directors who resigned, were all European - a nationality that made it untenable for them to remain with a company under EU sanctions. Oberhauser was from Austria and served as HSE head at Nayara between November 2022 and July 2025. Another official, who was practically No.2 on refinery operations side, too has resigned for the very same reason, sources said. Nayara had earlier this week denounced the latest EU sanctions against it as unjust and harmful to India's interests, and said it was studying legal options. Rosneft too had condemned sanctions on Nayara Energy as unjustified, illegal, and described them as a direct threat to India's energy security. The European Union's 18th package of sanctions against Russia over its war with Ukraine was approved earlier this month with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20-million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. Besides Rosneft, 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.). Sources said Cunningham, who has been on the board of Nayara since January 2020, was co-managing partner of UCP. Tumat, who has been on the board of Nayara since July 21, 2023, came from Germany. Conroy had been on the board of Nayara since May 23, 2020. Nayara has replaced Des Dorides with Sergey Denisov as the new CEO of the company, they said. Des Dorides had joined Nayara Energy in April 2024. He was previously the head of oil trading at Eni where he was sacked for withholding information on illegal Iran oil trade. Denisov, who has been with Nayara since 2017, previously was its chief development officer.>
Russia Today
11 hours ago
- Business
- Russia Today
Sanctioned Indian refiner sues Microsoft over service suspension
India's second largest private oil refiner has sued Microsoft over the US tech giant's decision to suspend critical services. Nayara Energy, a company partly owned by Russia's Rosneft, said in a statement on Monday that Microsoft had restricted its access to data and proprietary products on account of European Union sanctions. 'Nayara Energy has initiated legal proceedings against Microsoft following the abrupt and unilateral suspension of critical services,' the company said. 'Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses.' It added that the decision was 'based solely on Microsoft's unilateral interpretation of recent European Union sanctions' and sets a 'dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem.' Earlier this month, the EU announced sanctions on the Vadinar refinery, which is owned by Nayara, an Indo-Russian joint venture in which Rosneft has a 49% stake. The new sanctions target the oil sector, including a ban on importing refined petroleum products from Russian crude and were the first imposed on an Indian refiner. Rosneft has called the bloc's decision 'unjustified and illegal.' On Monday Nayara questioned the legality of Microsoft's moves. 'While the sanctions originate exclusively from the EU, Microsoft – a U.S.-headquartered corporation –has chosen to withdraw services from Nayara Energy without any legal requirement to do so under U.S. or Indian law,' the refiner said.'This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability.' In its petition to the Delhi court on Monday, the company requested an interim injunction and the resumption of Microsoft's services to protect its rights and ensure uninterrupted access to critical digital infrastructure. 'These steps are aimed at preventing any potential disruption to Nayara's ability to meet its obligations to Indian consumers and stakeholders,' the company said.
News18
11 hours ago
- Business
- News18
After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy
New Delhi, Jul 29 (PTI) Three directors and two senior executives, including the head of Health, Safety, and Environment (HSE), have resigned from Russian energy giant Rosneft-backed oil refiner Nayara Energy after the company was sanctioned by the European Union, sources aware of the matter said. Victoria Cunningham, Avril Mary Anne Conroy and Jorg Tumat, who were on the board of directors of Nayara Energy, have resigned earlier this month, the sources said. Besides, Barbara (Hofbauer) Oberhauser, who was senior vice president and Head HSE, too has resigned. The resignations follow chief executive Alessandro Des Dorides quitting the company shortly after the European Union imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. An email sent to the company seeking reactions remained unanswered. Sources said that Des Dorides, along with the three directors who resigned, were all European – a nationality that made it untenable for them to remain with a company under EU sanctions. Oberhauser was from Austria and served as HSE head at Nayara between November 2022 and July 2025. Nayara had earlier this week denounced the latest EU sanctions against it as unjust and harmful to India's interests, and said it was studying legal options. Rosneft too had condemned sanctions on Nayara Energy as unjustified, illegal, and described them as a direct threat to India's energy security. The European Union's 18th package of sanctions against Russia over its war with Ukraine was approved earlier this month with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20-million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. Besides Rosneft, 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.). Sources said Cunningham, who has been on the board of Nayara since January 2020, was co-managing partner of UCP. Tumat, who has been on the board of Nayara since July 21, 2023, came from Germany. Conroy had been on the board of Nayara since May 23, 2020. Nayara has replaced Des Dorides with Sergey Denisov as the new CEO of the company, they said. Des Dorides had joined Nayara Energy in April 2024. He was previously the head of oil trading at Eni where he was sacked for withholding information on illegal Iran oil trade. Denisov, who has been with Nayara since 2017, previously was its chief development officer. PTI ANZ HVA view comments First Published: July 29, 2025, 18:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
11 hours ago
- Business
- Time of India
After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy
New Delhi: Three directors and two senior executives, including the head of Health, Safety, and Environment (HSE), have resigned from Russian energy giant Rosneft-backed oil refiner Nayara Energy after the company was sanctioned by the European Union, sources aware of the matter said. Victoria Cunningham, Avril Mary Anne Conroy and Jorg Tumat, who were on the board of directors of Nayara Energy, have resigned earlier this month, the sources said. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Degree CXO PGDM Product Management others Project Management Digital Marketing Data Analytics Others MBA Artificial Intelligence Design Thinking Healthcare Finance Leadership Operations Management Data Science Management Technology Data Science healthcare Public Policy Cybersecurity Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details Besides, Barbara (Hofbauer) Oberhauser, who was senior vice president and Head HSE, too has resigned. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee Pain? This Morning Trick Helps Wellnee Undo The resignations follow chief executive Alessandro Des Dorides quitting the company shortly after the European Union imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. An email sent to the company seeking reactions remained unanswered. Live Events Sources said that Des Dorides, along with the three directors who resigned, were all European - a nationality that made it untenable for them to remain with a company under EU sanctions. Oberhauser was from Austria and served as HSE head at Nayara between November 2022 and July 2025. Another official, who was practically No.2 on refinery operations side, too has resigned for the very same reason, sources said. Nayara had earlier this week denounced the latest EU sanctions against it as unjust and harmful to India's interests, and said it was studying legal options. Rosneft too had condemned sanctions on Nayara Energy as unjustified, illegal, and described them as a direct threat to India's energy security. The European Union's 18th package of sanctions against Russia over its war with Ukraine was approved earlier this month with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20-million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. Besides Rosneft, 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.). Sources said Cunningham, who has been on the board of Nayara since January 2020, was co-managing partner of UCP. Tumat, who has been on the board of Nayara since July 21, 2023, came from Germany. Conroy had been on the board of Nayara since May 23, 2020. Nayara has replaced Des Dorides with Sergey Denisov as the new CEO of the company, they said. Des Dorides had joined Nayara Energy in April 2024. He was previously the head of oil trading at Eni where he was sacked for withholding information on illegal Iran oil trade. Denisov, who has been with Nayara since 2017, previously was its chief development officer. PTI
