Russia-backed Indian refiner Nayara Energy has appointed a new chief executive after its previous CEO resigned in the wake of European Union sanctions targeting the company.
Mumbai-based Nayara has named company veteran Sergey Denisov as its new chief executive, replacing Alessandro des Dorides. Des Dorides joined Nayara in April 2024.
Nayara Energy is an integrated downstream energy company, primarily involved in refining crude oil and marketing petroleum products. They own India's second-largest single-site refinery in Vadinar, Gujarat, with a capacity of 20MMTPA. Nayara Energy also operates the fastest-growing private fuel retail network in India, with over 6,000 operational retail outlets.
Russia’s Rosneft holds a 49.13 percent stake in Nayara. A similar stake is owned by Kesani Enterprises Co Ltd, a consortium led by Italy’s Mareterra Group and Russian investment firm United Capital Partners.
The leadership reshuffle marks the latest disruption for Nayara since the EU announced a new round of sanctions against Russia last Friday over its invasion of Ukraine.
Earlier this week, a tanker carrying Russian Urals crude was diverted from Nayara’s Vadinar port to unload at another port in western India, Reuters reported. This followed two other tankers that skipped loading refined products from Vadinar.
Nayara has criticised the EU’s move, calling the sanctions “unjust and unilateral”. India, now the top importer of seaborne Russian oil since Moscow’s invasion of Ukraine, has maintained that it does not support the EU’s sanctions.
