Nayara vows to fight EU sanctions, gets a new CEO

Nayara contributes around 8% to India's total refining capacity and employs over 55,000

- Rituraj Baruah

A week after the European Union announced sanctions on Russia's Rosneft-backed Nayara Energy Ltd's Gujarat refinery, its chief executive officer (CEO), Alessandro des Dorides, has resigned.

Nayara has appointed its chief development officer, Sergey Denisov, as its new CEO, said two people in the know of the developments.

On 18 July, targeting Russia's ability to raise oil and energy revenues as it wages a prolonged war with Ukraine, the EU unveiled sanctions on Nayara's 20-million tonne refinery in Vadinar, Gujarat.

Denisov would now have to implement Nayara's investment plans in India. Per his LinkedIn account, as Nayara's chief development officer, Denisov "led cutting-edge Vadinar refinery major projects, more than $1 billion (are) under execution, (and he is) spearheading a comprehensive $20 billion feasibility study for a new refinery and steam cracker complex".