Nayara weighs legal options against EU curbs
'We are actively exploring all legal and appropriate avenues to address this situation and to protect the interests of our operations, employees, and our stakeholders,' India's largest private sector fuel retailer said in a statement.
The EU on Friday sanctioned the company's refinery with an annual capacity of processing 20 million tonne at Vadinar as the grouping targeted Russian oil exports with a slew of fresh curbs.
Russia's Rosneft has a 49% stake in Nayara, which is also India's largest private sector fuel retailer with a network of 6,750 petrol pumps.
'Every aspect of our business, including all domestic operations, continues to function normally. We have taken comprehensive measures to guarantee seamless continuity and stability across all business verticals,' the company said.
Describing itself as an Indian entity, the company said the sanctions have no legal basis and it operates in compliance with Indian laws and regulations.
'We are deeply committed to supporting the nation's energy security and fostering economic growth,' it said.
The company called out the EU for double-standard saying, 'while many European countries continue to import Russian energy through various sources, they take a high moral ground by chastising and sanctioning an Indian asset for processing Russian crude largely used by its domestic population of 1.4 billion Indians and businesses.'
India had also opposed the curbs, saying it 'does not subscribe to any unilateral sanction measures'. We categorically state that this unilateral move by the European Union is founded on baseless assertions, representing an undue extension of authority that ignores both international law and the sovereignty of India.
'Such actions not only undermine India's interests, but also risk disrupting the uninterrupted supply of petroleum products that are essential to millions of Indian citizens and industries,' Nayara said.
Nayara pointed out that it is a major taxpayer in India and has 'since August 2017 has contributed over Rs 2.5 lakh crore in cumulative direct and indirect taxes to help build India's growth story'.
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