New Delhi: Russian oil giant Rosneft-backed Nayara Energy on Monday reaffirmed its plan to invest Rs 70,000 crore in downstream projects linked to its refinery, while denouncing the latest EU sanctions against it as unjust and harmful to India’s interests.
A day after Rosneft condemned sanctions on its Indian unit, Nayara Energy, as unjustified, illegal, and a direct threat to India’s energy security, Nayara in a statement said the restrictions “risk disrupting the uninterrupted supply of petroleum products that are essential to millions of Indian citizens and industries”.
The European Union’s 18th package of sanctions against Russia over its war in Ukraine was approved last week with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned.
“We categorically state that this unilateral move by the European Union is founded on baseless assertions, representing an undue extension of authority that ignores both international law and the sovereignty of India,”
Nayara said.
The firm, which operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat and over 6,750 petrol pumps in the country, went on to state that while many European countries continue to import Russian energy through various sources, “they take a high moral ground by chastising and sanctioning an Indian asset for processing Russian crude largely used by its domestic population of 1.4 billion Indians and businesses.”
“Such actions not only undermine India’s interests, but also risk disrupting the uninterrupted supply of petroleum products that are essential to millions of Indian citizens and industries,” it said, adding the company remains steadfast in its role as a reliable energy partner for India.
“We urge all stakeholders to respect the principles of sovereignty and fair international conduct,” it said.