This Russian company runs 6,750 petrol pumps in India, plans to invest Rs 70 thousand crore more

Nayara Energy, promoted by Russian oil major Rosneft, has committed an investment of Rs 70 thousand crore. With this, it has termed the recent sanctions leveled against it by the European Union as unfair and detrimental to the interests of India.

The European Union (EU) last week approved the 18th package of sanctions it has levelled on Russia for its war in Ukraine with the intention of undermining its sources of revenue. Nayara Energy was among the targets that were sanctioned.

The company said that while many European countries continue to import Russian energy from various sources, the EU is punishing the Indian unit that processes Russian crude oil. Rosneft has a 49.13 percent stake in Nayara Energy Limited. It was earlier known as Essar Oil Limited.

Nayara runs an oil refinery with a capacity of 20 million tonnes annually in Vadinar, Gujarat, and over 6,750 petrol pumps. Nayara is owned by an investment company, Kesani Enterprises Company, with a 49.13 percent share.

Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl. Recently, it has also been reported that Rosneft wants to exit this refinery by selling its stake.