Nayara Energy's Leadership Shift Amid EU Sanctions

Nayara Energy, a Russian-backed Indian refiner, has appointed Sergey Denisov as its new CEO following EU sanctions. The sanctions led to disruptions, including tanker diversions, and departures in leadership. Nayara criticizes the EU's actions while accelerating domestic sales and maintaining its major role in importing Russian crude.

Russia-backed Indian refiner Nayara Energy has undergone a significant leadership change, naming Sergey Denisov as the new chief executive. This shift comes in the wake of European Union sanctions that precipitated the resignation of the previous CEO, Alessandro des Dorides, sources revealed on Friday.

In recent developments, a tanker carrying Russian Urals crude altered its course, avoiding Nayara's Vadinar port, while two other tankers skipped loading refined products from there, according to multiple reports. Denisov's appointment was confirmed during a board meeting, aiming to fortify the company's leadership amid geopolitical pressures.

Nayara Energy has openly criticized the EU's sanctions as unjust and unilateral. The company, co-owned by Russia's Rosneft and a consortium led by Mareterra Group, remains a pivotal player in India's oil import sector, continuing to advance domestic sales while being a major buyer of discounted Russian crude.

(With inputs from agencies.)