Rosneft Stammered Over European Sanctions

The restrictive measures affected refineries in India.

The Russian oil company Rosneft has stood up for its Indian subsidiary. The matter concerns the Nayara Energy refinery, which has fallen under the European Union sanctions.

The Bloomberg writes that the European Union has adopted the 18th package of restrictions on Russia and its oil in condemnation of the invasion of Ukraine. The measures include sanctions against an Indian refinery in which Rosneft holds a 49.13% stake, as the bloc seeks to cut the Kremlin's energy revenues, which are supported by Russian oil exports to India.

"Nayara Energy shareholders have never received dividends and accumulated profits have been used exclusively for the development of the company's refinery, petrochemical production and retail network in India," Rosneft said in a statement.

Nayara operates a 400,000 bpd refinery and owns nearly 7,000 fuel stations across India. The company is also developing an integrated petrochemical plant next to its refinery.

Nayara is currently owned by Rosneft and investment consortium SPV Kesani Enterprises Co. with the remaining shares held by retail investors. According to local media reports, the Russian oil producer is seeking to exit the Indian venture as the company is unable to repatriate its earnings due to sanctions.

"Rosneft expects Nayara to take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India," the statement said.

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