Page 148 - CW E-Magazine (29-7-2025)

Hydrocarbons

WAR IMPACT
Nayara Energy reiterates commitment to invest in India

amidst EU sanctions furore

Russian oil giant Rosneft-backed holds another 49.13 per cent stake in
Nayara Energy has reaffi rmed its plan Nayara. Kesani is owned by Russia’s
to invest Rs. 70,000-crore in down- United Capital Partners (UCP) and
stream projects linked to its refi nery, Hara Capital Sarl, a wholly-owned
while denouncing the latest EU sanc- subsidiary of Mareterra Group Hold-
tions against it as unjust and harmful to ing (formerly Genera Group Holding
India’s interests. S.p.A.).
that ignores both international law and
Caught in the crosshairs of Western the sovereignty of India,” Nayara said. Nayara said it “will continue to
sanctions, Nayara Energy has hit back invest over Rs. 70,000-crores in the long
at the European Union’s (EU) move to The fi rm, which operates the 20- term towards petrochemicals, ethanol
blacklist its Vadinar refi nery in Gujarat, million tonnes a year oil refi nery at plants, marketing infrastructure expan-
calling the action baseless, unilateral Vadinar and over 6,750 petrol pumps in sion and refi nery reliability including
and a breach of international law. the country, went on to state that while ESG projects.” It however did not offer
many European countries continue to any further details of the projects.
Soon after Rosneft condemned import Russian energy through various
sanctions on its Indian unit, as unjusti- sources, “they take a high moral ground The company said since August
fi ed, illegal, and a direct threat to India’s by chastising and sanctioning an Indian 2017, it has invested over
energy security, Nayara in a statement asset for processing Russian crude Rs. 14,000-crore in various projects
said the restrictions “risk disrupting largely used by its domestic population within India including upgrading
the uninterrupted supply of petroleum of 1.4-billion Indians and businesses.” existing refi ning facilities, investing in
products that are essential to millions of a new petrochemical plant and other
Indian citizens and industries”. “Such actions not only undermine new infrastructure projects.
India’s interests, but also risk disrupting
The European Union’s 18th pack- the uninterrupted supply of petroleum “Our operations are closely aligned
age of sanctions against Russia over its products that are essential to millions of with India’s national priorities. Contri-
war in Ukraine was approved recently Indian citizens and industries,” it said, buting approximately 8 per cent of
with a view to weakening its revenue adding the company remains steadfast the country’s total refi ning capacity, 7
sources. Nayara Energy was one of the in its role as a reliable energy partner percent of India’s retail petrol pump
companies that was sanctioned. for India. network and estimated 8 percent of
polypropylene capacity while employ-
“We categorically state that this uni- Rosneft owns a 49.13 per cent stake ing over 55000+ direct and indirect
lateral move by the European Union is in Nayara Energy Ltd., formerly Essar employees across the country, Nayara
founded on baseless assertions, repre- Oil Ltd. An investment consortium Energy remains at the cornerstone of
senting an undue extension of authority SPV, Kesani Enterprises Company, India’s energy security,” it added.

GAIL signs LNG deal with Vitol Asia

GAIL (India) and Vitol Asia Pte. commencing in 2026. Under the agree- ambitious target to increase the share
Ltd. have executed a long-term LNG ment, Vitol will deliver LNG to GAIL of natural gas in the country’s primary
Sales and Purchase Agreement (SPA) from its global LNG portfolio. India energy mix from the current 6% to 15%
for the annual supply of approximately emerged as the world’s fourth-largest by 2030. Supporting this vision, India’s
1-million metric tonnes per annum LNG importer in 2024, with demand LNG regasifi cation capacity has seen
(mmtpa) of Liquefi ed Natural Gas expected to rise steadily over the next substantial growth, nearly doubling
(LNG) over a period of about 10 years, decade. The government has set an from 21-mmtpa in 2014.

148 Chemical Weekly July 29, 2025

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