Page 2 - Nayara Energy

Delhi HC to hear Nayara's plea for service restoration from Microsoft

Delhi High Court agrees to hear Nayara Energy's plea against Microsoft over the suspension of essential services; seeks interim injunction for service restoration to maintain digital operations

Indian shipowners urge Nayara to end vessel charters after EU sanctions

Indian firms seek charter exits with Nayara amid EU sanctions; company files Delhi HC plea against Microsoft for suspending digital access citing compliance

Nayara taps Indian IT firm Rediff.com after Microsoft suspends service

Nayara, a major buyer of Russian oil that is 49 per cent owned by Russian oil major Rosneft, has struggled with disruptions since coming under European Union sanctions this month

Nayara Energy sues Microsoft over EU sanctions-linked service suspension

Nayara seeks interim relief in Delhi High Court, says Microsoft suspended services citing EU sanctions despite no legal basis under Indian or US law

Nayara Energy moves Delhi HC against Microsoft for suspending key services

Nayara Energy has filed a case against Microsoft in Delhi High Court over the sudden suspension of licensed services, including email and Teams, following EU sanctions on its Russian-linked ownership

Alessandro des Dorides resigns as Nayara CEO; Sergey Denisov to take charge

The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine

Rosneft's stake sale in Nayara hits European Union sanctions roadblock

Rosneft's proposed sale of its stake in Nayara Energy has encountered a significant roadblock due to the European Union's latest sanctions on Russia's oil sector

BP-chartered tanker leaves port of Nayara Energy without loading diesel

The vessel was supposed to load ultra low sulphur diesel on July 21 with the cargo bound for Africa

Rosneft calls EU sanctions on Nayara Energy unjustified and illegal

Russian oil giant Rosneft on Sunday termed as unjustified and illegal the sanctions that the EU has slapped on its Indian unit, Nayara Energy. "Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a statement. "These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state." The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers li

RIL, Nayara in US tariff crosshairs on exposure to Russia and Venezuela

India may run a $36 billion trade surplus with the US but incurs a trade deficit in energy, according to the Indian government data

Nayara Energy appoints Deepesh Baxi as its Chief Financial Officer

Nayara Energy, India's biggest private fuel retailer, on Friday announced the appointment of Deepesh Baxi as its new Chief Financial Officer (CFO). "With an impressive career spanning over three decades, Deepesh brings extensive experience in finance, strategy and M&A, having worked on complex mandates across key sectors such as oil and gas, infrastructure and construction, retail and manufacturing," it said in a statement. Prior to joining Nayara Energy, he was Chief Financial Officer & Wholetime Director at Castrol India Limited. He has also worked with global leaders such as British Petroleum (bp) and Andersen, holding leadership roles in large, culturally diverse teams in both Asia Pacific and global offices. A Chartered Accountant, Certified Internal Auditor (USA) and IIM Ahmedabad alumnus, Baxi will lead Nayara's financial strategy and operations, supporting its continued growth and contribution to the energy sector. His proficiency spans across long-term strategy and ...

Unable to repatriate earnings, Rosneft looks for an exit from Nayara Energy

Reliance Industries, Adani Group, and JSW Group may be among potential buyers of Rosneft's 49.13% stake in Nayara Energy

Nayara Energy to make a buyback offer to its minority shareholders

Company board decides on buyback at Rs 731 per share

Russia-backed refiner Nayara Energy lines up $217.5 million share buyback

Nayara has decided to offer Rs 731 ($8.39) apiece totalling about Rs 1,894 crore to more than 200,000 minority shareholders who did not participate in previous delisting and exit offers

Nayara Energy to expand retail network by adding one fuel station per day

Nayara Energy, India's largest private fuel retailer, plans to add 400 petrol pumps this year to expand its retail network across various states, the firm said on Sunday. With 6,500+ retail outlets across India, Nayara Energy has been adding new retail outlets to its network and has been growing steadily across various states such as Gujarat, Maharashtra, Tamil Nadu and Rajasthan. In a statement, Nayara said it "is well on track to add 400 retail outlets this year". In line with its plans to aggressively grow in India, Nayara Energy has also revamped its dealer programme to onboard new dealers and give a boost to local entrepreneurship. It is now inviting applications for new dealerships across the country to open petrol pumps. Nayara operates a 20-million tonnes a year refinery at Vadinar in Gujarat. With over 6,500 petrol pumps, it caters to the need for reliable and safe mobility across the length and breadth of the country. It recently forayed into petrochemicals sector with a

Nayara Energy sees 14.3% rise in domestic fuel sales, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 14.3 per cent rise in fuel sales for the second quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the April-June quarter, Nayara sold 75 per cent of all diesel it produced at its Vadinar oil refinery in Gujarat in the local Indian market and 60 per cent of its petrol production locally, Nayara said. Over the past few years, Nayara Energy has steadily built its domestic business while expanding its fuel retailing network strategically to underserved markets that uphold the potential to fuel India's growth. Retail diesel sales rose 14 per cent to 2.08 million tonnes in April-June from 1.82 million tonnes a year back, while institutional business' year-on-year growth was 23 per cent, Nayara said. Similarly, retail petrol sales grew 14.7 per cent to 0.916 million tonnes in the second quarter compared to 0.809 million tonnes a year back. Nayara Energy owns the largest

Nayara Energy reports 48% jump in petrol sales in Q1, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 48 per cent jump in petrol sales in the first quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the January-March quarter, Nayara sold 70 per cent of all petroleum products it produced at its Vadinar oil refinery in Gujarat in the local Indian market, a company statement said. "Nayara Energy is primarily focused on catering to the growing demand of petroleum products in India through institutional business, sales to other oil companies and through its own retail chain," it added. Driven by its missive of 'In India, For India', the firm posted robust 24 per cent year-on-year growth in domestic retail sales and a 12.5 per cent rise in institutional sales, the statement said, without providing more details. Petrol sold locally rose to 0.89 million tonnes in the first quarter of 2024 from 0.60 million tonnes in January-March 2023. Diesel sales were almost flat at 1.7 .

Nayara Energy appoints Alessandro Des Dorides as chief executive officer

Nayara Energy on Wednesday named Alessandro Des Dorides, the former head of oil trading at Eni who was sacked for withholding information in illegal Iran oil trade, as the new CEO of the company. Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said. In 2019, Italian oil company Eni SpA bought a shipment of oil that was purported to have come from Iraq but actually came from Iran. The act potentially breached the US sanctions and led to Des Dorides, who oversaw the deal for the cargo, being fired. Without mentioning Des Dorides' Eni background, the Nayara statement described him as "a seasoned oil and gas professional with over 24 years of experience in the energy industry." "He possesses a deep understanding of the global energy markets, strategic planning and risk management," it said. "Alessandro brings with him a wealth of experience and global exposure which will help Nayara Energy to continue its growth trajectory in the ...

Nayara Energy exports decline by 10% in 2023 as domestic demand surges

Nayara Energy, India's largest private fuel retailer, saw petroleum product exports drop by 10 per cent in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10 per cent year-on-year. This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Of all the petroleum products Nayara produced, 68 per cent were sold within the country and the remaining 32 per cent of products, including, ATF, gasoil and gasoline were exported, sources said. According to the oil ministry's Petroleum Planning and Analysis Cell (PPAC), consumptio

NTPC Green Energy, Nayara Energy ink pact to explore green hydrogen space

NTPC Green Energy Limited (NGEL) has entered into an agreement with Nayara Energy to explore opportunities in the green hydrogen space. The memorandum of understanding (MoU) was signed between NGEL CEO Mohit Bhargava and Nayara Energy Head-Technical Amar Kumar on Monday in the presence of other senior officials of both sides, NTPC said in a statement. "NGEL and Nayara Energy have entered into an MoU today to explore opportunities in the green hydrogen and green energy space," it said. NTPC Green Energy Limited is a subsidiary of energy major NTPC. This collaboration is in line with NTPC's initiatives to develop hydrogen projects in India and aligns with the government's vision of Atmanirbhar Bharat. NGEL CEO Bhargava said green hydrogen would be a crucial element of India's clean energy future, and with this partnership, the company will explore and implement cutting-edge technologies to produce green hydrogen. NTPC, under the Ministry of Power, is India's largest power utility h