Nayara Energy to Invest ₹70,000 Cr in India Despite EU Sanctions

Nayara Energy, supported by Russia’s Rosneft, has confirmed that it will continue with its planned ₹70,000 crore investment in India, even after being added to the European Union’s latest sanctions list. The company’s plans include setting up a major ethane cracker project at its Vadinar refinery in Gujarat, which is one of the largest foreign investments in India’s petrochemical sector. Nayara said the sanctions are unfair and one-sided, and that it is looking at legal steps to deal with the issue. It also stated that it works independently, and that Rosneft does not control its daily operations. Rosneft also disagreed with the EU’s decision, saying it could harm India’s energy needs. The new rules include limits on money transfers, transport, and trade of oil products made from Russian crude, even if refined in countries like India.After the announcement, a BP-chartered ship left without loading crude, and Nayara has now moved to advance payment terms for exports to reduce risks.The sanctions may also delay Rosneft’s plan to sell its 49.13% stake in Nayara. Talks with Indian groups like Reliance, Adani, and JSW may slow down due to legal concerns. Even with these challenges, Nayara said it remains fully committed to growing its business in India and supporting the country’s energy sector.Disclaimer: PolyMart does not offer guarantees regarding the accuracy, reliability, or completeness of the information provided on its platform. Users are advised to independently verify any data before relying on it for decision-making purposes.