The sanctions imposed on Russia after it invaded Ukraine on Thursday early morning will not have any impact on Nayara Energy Ltd. (formerly Essar Oil Ltd) which is 49.13% owned by Russian oil major PJSC Rosneft Oil Company, executives said. “Nayara Energy is an Indian company, focused on its growth plans to become one of the largest integrated energy and petrochemicals complexes within the country,” the company said in a statement in response to queries on the likely impact. “Our endeavours are designed to fulfil the nation’s growing energy and petrochemical needs. We are making steady progress on our petrochemicals expansion, in a phased manner which is in line with our asset development strategy,” the company added. The Mumbai-based privately-held downstream oil company is into refining, marketing, production and has over 6,000 retail fuel outlets across India. Other members of the consortium include Trafigura Group and United Capital Partners.
