The CEO of Nayara Energy, an Indian refining giant backed by Russia, resigns due to EU sanctions
According to Reuters, citing four informed sources, the Russian-backed Indian refining company Nayara Energy has appointed a new chief executive officer. Previously, the company's former chief executive officer resigned due to EU sanctions. This senior personnel change is the latest turbulence for Nayara Energy since the EU announced its 18th round of sanctions against Russia last Friday.
Reuters reported that this week, a tanker carrying Urals crude oil from Russia was moved from Nayara Energy's Vadinar port to another port in western India for unloading. Previously, two other tankers failed to load refined products from the Vadinar port.
According to sources, Mumbai-based Nayara Energy has appointed Denisov, a senior official of the company, as the new chief executive officer, replacing Des Doretdes.
Sources said that Denisov's appointment was decided at a board meeting on Wednesday. Nayara Energy has not immediately responded to requests for comment. Des Doretdes joined Nayara Energy in April 2024 and has not yet replied to messages on LinkedIn.
When Nayara Energy announced the appointment of Des Doretdes last year, it stated that he was a seasoned professional with 24 years of experience in the energy industry. After working about six months as head of oil trading and operations at the Italian energy giant Eni, he left in 2019. Denisov has been working at Nayara Energy since 2017. According to his LinkedIn profile, he is the Chief Development Officer of Nayara Energy.
Recently, the leadership page is no longer displayed on Nayara Energy's website. The company is one of India's two major private refineries, the other being Reliance Industries, which is larger. These two companies have been the largest buyers of discounted Russian crude oil in India.
Nayara Energy operates India's third-largest refinery, typically exporting at least 4 million barrels of refined products per month, including diesel, aviation fuel, gasoline, and naphtha. The company has been accelerating sales within India and operates more than 6,000 gas stations.
Nayara Energy criticized the EU's sanctions as an "unfair and unilateral" decision. According to a 2024 report by the Indian CARE rating agency, Rosneft, a Russian oil company, holds 49.13% of shares in Nayara Energy, and a consortium Kesani Enterprises Co Ltd led by the Italian Mareterra Group and the Russian investment group United Capital Partners also holds similar shares.
Since Russia's full-scale invasion of Ukraine, India has become the largest importer of Russian seaborne oil, and New Delhi has also criticized the EU's sanctions. Rosneft stated that the sanctions against Nayara Energy are unreasonable and illegal, and the company has not yet responded to requests for comment.
Original article: https://www.toutiao.com/article/1838634741976329/
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