Latest news with #Nayara
News18
5 hours ago
- Business
- News18
Nayara CEO resigns as co hit by EU sanctions
Agency: PTI Last Updated: New Delhi, Jul 25 (PTI) Russian oil giant Rosneft-backed Indian refiner, Nayara Energy, which has recently been hit by EU sanctions, has appointed a new chief executive officer after its previous CEO resigned, sources aware of the matter said on Friday. Alessandro Des Dorides resigned as CEO of Nayara Energy last week and has been replaced by Sergey Denisov, they said. The resignation came just as the European Union imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. The company did not offer any immediate comments on the reasons or circumstances under which the CEO resigned. Des Dorides had joined Nayara Energy in April 2024. He was previously the head of oil trading at Eni where he was sacked for withholding information on illegal Iran oil trade. 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. Denisov, who has been with Nayara since 2017, previously was its chief development officer. Rosneft too had condemned sanctions on Nayara Energy as unjustified, illegal, and described them as a direct threat to India's energy security. The European Union's 18th package of sanctions against Russia over its war with Ukraine was approved last week with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned. Besides Rosneft, an investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.). Separately, CARE Ratings Ltd (CareEdge Ratings) reaffirmed ratings on bank facilities and debt instruments of Nayara, saying the firm continues to derive strength from its strong operating profile as it operates India's second-largest single-location oil refinery with a high Nelson Complexity Index (NCI), strategic location of its refinery and captive port terminal and power plant, long-term benefits from sizeable and growing presence in fuel retailing and recently commissioned manufacturing of polypropylene. Ratings continue to factor risk management systems put in place by Nayara to hedge against fluctuations in currency, crude oil prices and product cracks; while its presence in the retail segment provides stability to the company's profitability and mitigates the impact of fluctuations in the refining segment, CareEdge Ratings said in a statement. 'However, rating strengths are tempered by economic sanctions imposed on Rosneft Oil Company (Rosneft; one of the key shareholders of Nayara) amidst ongoing Russia-Ukraine conflict, exposure to fluctuations in fuel cracks, competitive industry scenario and inherent government regulation risk in the Indian oil and gas sector," it said. The rating agency said it 'takes note of the recent sanction by the European Union (EU) on Nayara Energy Ltd (NEL) for export of its products to the EU". 'CareEdge Ratings factors that total exports of NEL constitute 25-30 per cent of its total sales while the balance is domestic sales in India. Furthermore, as per NEL, it has negligible direct exports to the EU while its majority exports are through traders who, in turn, sell to multiple geographies, and accordingly, CareEdge Ratings will also continue to monitor the further developments in this regard," the statement added. Nayara's refinery continues to operate at healthy throughput and refining margins levels in a steady state scenario. ''Stable' outlook on ratings reflects CareEdge Ratings' expectation that Nayara shall continue to remain a strong player in the private sector oil refining business in India with healthy refining margins considering the high complexity index of its refinery and integrated operations, which should help it to maintain its strong credit profile," it added. PTI ANZ ANZ SHW view comments First Published: July 25, 2025, 19:00 IST News agency-feeds Nayara CEO resigns as co hit by EU sanctions Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
5 hours ago
- Business
- Mint
Nayara Energy names Sergey Denisov as new CEO after Des Dorides resigns amid EU sanctions
(Bloomberg) -- Nayara Energy Ltd., a company partially owned by Russian giant Rosneft PJSC and recently hit by EU sanctions, has appointed a new chief executive officer following the resignation of Alessandro des Dorides last week, according to people familiar with the development. Sergey Denisov has replaced des Dorides, said the people, who asked not to be named due to the sensitivity of the issue. Denisov has been with Nayara since October 2017 and was most recently the refinery's chief development officer, according to a LinkedIn profile under his name. Prior to joining the company, he spent more than six years at oil major BP Plc. Des Dorides spent much of his career at Italian major Eni SpA. He became Nayara's CEO in March 2024. Reuters earlier reported that Denisov's appointment was confirmed on Wednesday. Nayara's webpage doesn't list its key executives. Denisov didn't immediately respond to messages sent via his LinkedIn account. The development follows the EU's latest round of restrictions last week, targeting Russia and its oil trade. That included sanctions against Nayara, in which Rosneft holds a 49.13% stake. Rosneft has called the sanctions 'unjustified and illegal.' The Mumbai-based refiner said in a statement on Monday that it was exploring legal and other options to protect its interests.
Time of India
7 hours ago
- Business
- Time of India
CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say
Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday. 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. This week, a tanker carrying Russian Urals crude was diverted away from Nayara's Vadinar port to unload its cargo at another port in western India, Reuters reported. That came after two other tankers skipped loading refined products from Vadinar, Reuters reported. Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov's appointment was decided at a board meeting on Wednesday, they said. Nayara Energy did not immediately respond to a request for comment. Des Dorides, who joined Nayara Energy in April 2024, did not immediately respond to a message sent on LinkedIn. Denisov has been with the company since 2017. Nayara Energy has condemned the EU's "unjust and unilateral" decision to impose sanctions. Russia's Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners. India, which has become the top importer of seaborne Russian oil in the aftermath of Moscow's Ukraine invasion, has also said it does not support the bloc's sanctions.
Time of India
8 hours ago
- Business
- Time of India
EU sanctions on Russia oil: Indian oil refiner Nayara Energy CEO Alessandro des Dorides resigns; Russia-backed refinery key fuel retailer
Russia-backed Indian oil refiner Nayara Energy has named Sergey Denisov as its new chief executive, following the resignation of CEO Alessandro des Dorides in the wake of European Union sanctions targeting the company, Reuters reported citing four sources. Denisov, a company veteran who has been with Nayara since 2017, was appointed to the top job during a board meeting held on Wednesday, the report said. He replaces des Dorides, who had taken over the CEO role in April 2024 but stepped down amid growing regulatory pressure linked to Nayara's ties to Russian oil major Rosneft. The EU had announced sanctions earlier this year over Nayara's business links, a move the company described as 'unjust and unilateral'. New Delhi, too, has distanced itself from the European action, reiterating that it does not endorse sanctions not backed by the United Nations. Earlier this week, the European Union's latest sanctions on Russian oil began to directly impact Indian refiner Nayara Energy Ltd, as oil firms and shipping operators started distancing themselves from the company. The move followed the EU's decision to explicitly list Nayara in its latest sanctions package, citing its ties to Russian oil major Rosneft, which holds a 49.13% stake. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Shipbrokers reported that vessel operators turned wary of lifting crude or delivering refined products from Nayara this week. According to Bloomberg ship-tracking data, a vessel named Talara reversed course and exited Gujarat's Vadinar port on Sunday without lifting a planned diesel shipment. Sources said the cargo collection was cancelled in the immediate aftermath of the sanctions. Another ship, the Chang Hang Xing Yun, was seen idling off India's southwest coast while en route to Vadinar but later diverted to the Arabian Gulf to load for southern Africa. Both diversions were attributed to uncertainty over EU compliance risks, shipbrokers confirmed. Shipping firms based in Greece and Norway—two countries with a major share in global tanker operations—were expected to follow EU directives, analysts said. Greek shippers, in particular, had helped move Russian oil priced below the cap since the Ukraine conflict began in 2022. Market observers said financial institutions and trade partners were also assessing their exposure, and several Indian refiners were reportedly seeking clarity from the EU over restrictions on diesel refined from Russian crude. The redirection of Talara added to concerns about Nayara's recent policy of requiring advance payments or letters of credit before releasing cargoes. The standard industry practice involves 15–30 day post-loading settlements. Sources said the policy shift indicated unease about payment risks after loading. This change led to hesitation among prospective buyers in Nayara's future fuel tenders, traders said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time Business News
a day ago
- Business
- Time Business News
Sanctioned Nayara Energy Skips Naphtha Tender, Raises Concerns Over Future Trade Stability (EU Sanctions)
Sanctioned Nayara Energy Skips Naphtha Tender Amid EU Sanctions Vadinar | 24 July 2025 – In the first visible fallout since being placed under European Union sanctions, Indian refiner Nayara Energy has opted not to proceed with its recent spot export tender for naphtha, industry sources confirmed this week. The tender, floated earlier this month, called for the export of 33,000 to 35,000 metric tonnes of naphtha from the company's Vadinar terminal on India's western coast, scheduled to load between August 14 and 18. However, despite receiving commercial bids, Nayara did not award the cargo, raising eyebrows among traders and policy watchers alike. Sources familiar with the matter attribute the abrupt pause to revised payment terms introduced by the company, requiring either upfront payment or confirmed letters of credit—a departure from prior trade practices. The altered terms are being interpreted as a risk mitigation strategy in the wake of Nayara's inclusion in the EU's 18th sanctions package, which targets entities with Russian ownership or affiliations. Nayara Energy, which is nearly 49% owned by Rosneft, the Russian oil major, has been under scrutiny given its ties to Moscow. Although the company insists it operates independently under Indian regulatory oversight, Brussels' decision to target it stems from what EU officials describe as 'circumvention pathways' for Russian oil. This missed tender is not an isolated instance of disruption. In parallel, a BP-chartered vessel reportedly departed the Vadinar port without loading a scheduled cargo of ultra-low sulphur diesel. Another crude shipment destined for Nayara is said to have diverted to a separate Indian terminal, underscoring operational volatility. In a statement earlier this week, Nayara Energy denounced the EU's action as 'unjust and unilateral,' stating it is exploring legal avenues and will continue to adapt its commercial framework to protect business continuity. Yet, analysts warn that unless alternative trade mechanisms are swiftly put in place, Nayara's export flows—especially to Europe and the Far East—may see prolonged instability. Traders, meanwhile, are adopting a wait-and-watch stance, with some expressing reluctance to engage unless payment and compliance guarantees are crystal clear. India's Ministry of Petroleum has not officially commented, though senior officials privately expressed concern over the precedent this sets for Indian companies with international investors. As the sanctions saga unfolds, Nayara's situation may serve as a litmus test for India's broader energy diplomacycaught, as it is, between geopolitical realignments and market pragmatism.| Key Takeaways: Broader implications loom for India's energy exports and foreign policy positioning. Nayara Energy did not award its latest naphtha export tender. The move follows newly imposed EU sanctions targeting its Russian shareholding. Revised payment terms may have discouraged participation. TIME BUSINESS NEWS
