Latest news with #NayaraEnergy
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 Alessandro Des Dorides resigned as CEO of Nayara Energy last week and has been replaced by Sergey Denisov, they said.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.
Time of India
8 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.
The Hindu
8 hours ago
- Business
- The Hindu
CEO of Russia-backed Indian refiner Nayara Energy resigns after E.U. 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 (July 25, 2025). 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.e)
Reuters
10 hours ago
- Business
- Reuters
Exclusive: CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say
NEW DELHI, July 25 (Reuters) - 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. 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, partly owned by Russian oil major Rosneft ( opens new tab, 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. India has also said it does not support the bloc's sanctions.
Time of India
10 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. 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. Explore courses from Top Institutes in Please select course: Select a Course Category Management Artificial Intelligence Technology MCA Leadership PGDM Project Management Digital Marketing Product Management MBA Data Science others Design Thinking CXO Degree Data Science Others Data Analytics Public Policy Operations Management Cybersecurity Finance healthcare Healthcare Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Nayara Energy, partly owned by Russian oil major Rosneft , did not immediately respond to a request for comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sarah Ferguson breaks her silence about Prince Andrew Cleverst Undo 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. Live Events Nayara Energy has condemned the EU's "unjust and unilateral" decision to impose sanctions. India has also said it does not support the bloc's sanctions.
