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Nayara Energy
Nayara Energy, India's largest private fuel retailer, on Thursday raised petrol prices by Rs 5 per litre and diesel by Rs 3 a litre, passing on part of the recent surge in global oil prices following the war in the Middle East, sources said. Fuel marketing companies in India have been under strain as retail petrol and diesel prices remained frozen despite a nearly 50 per cent surge in international oil prices since February 28, when the United States and Israel launched military strikes against Iran, triggering sweeping retaliation from Tehran. Nayara Energy, which operates 6,967 of India's 102,075 petrol pumps, has decided to pass on part of the increase in input costs to consumers, two sources with direct knowledge of the matter said. A company spokesperson did not immediately offer any comment on the story. Jio-bp, the fuel retailing joint venture of Reliance Industries and BP Plc that owns 2,185 outlets, has, however, so far not raised prices despite incurring heavy losses on s
The Delhi High Court will next week hear Nayara Energy's lawsuit against German software company SAP's India unit suspending software services critical to its operations. Nayara had approached the Delhi High Court in September last year after SAP India Pvt Ltd suspended services citing European Union sanctions. The Court, which had denied urgent relief, is scheduled to hear the petition on March 16, people aware of the matter said. The European Union (EU) had last year imposed sanctions on Nayara for its ties to Russia and for refining Russian oil. Nayara Energy argued before the Court that its agreement is with SAP India, an Indian entity, and therefore, not subject to the EU sanctions. However, SAP India contended that its parent company is based in Germany and it cannot provide its services without their support. This, it argued, is an "extraterritorial application of law" threatening Indian energy security, as they produce a significant portion of India's petroleum. Such a mov
Indian authorities have cleared EU-sanctioned Nayara Energy to use four foreign-flagged ships for coastal transportation of fuels such as petrol and diesel within the country, but its non-Russian overseas trade remains stalled due to the unavailability of banking channels. The Directorate General of Shipping has approved four foreign-flagged ships being used for the coastal movement of fuel produced by Nayara and efforts are being made to resolve the stalled dollar trade, government officials said. Nayara Energy did not reply to an email sent for comments. Nayara's Vadinar Refinery in Gujarat makes about 8 per cent of all fuel consumed in the country. Most of this was shipped from Gujarat to key consumption hubs along the west coast, reaching as far as Odisha on the east. This supply route was disrupted after the European Union in July imposed sanctions on Nayara. Shipowners wary of attracting secondary EU sanctions halted lifting of products from the Vadinar refinery. Shipping ...
Russian oil giant Rosneft-backed Nayara Energy has appointed Teymur Abasguliyev as the new CEO of the company, replacing a European national who had to resign following EU sanctions on the company. The appointment of Abasguliyev, an Azerbaijan national who currently as the chief financial officer at SOCAR Turkiye Enerji A.S, was confirmed by the Nayara board at its meeting on Tuesday, two sources aware of the matter said. Nayara spokesperson did not immediately respond to an email sent for comments. Educated at Azerbaijan's Baku State University, Abasguliyev previously worked at PricewaterhouseCoopers from 1996 to 2013. He has been the CFO of Group Companies at SOCAR Trkiye Enerji A.S. since 2013. Nayara Chief Executive Alessandro Des Dorides had to quit shortly after the European Union imposed sanctions on the refiner as part of a new raft of measures against Russia over its war with Ukraine. Sergey Denisov, who was Nayara's Chief Development Officer, was named the interim CEO ..