CEO of Russia-Backed Nayara Energy Resigns Following EU Sanctions
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CEO of Russia-Backed Nayara Energy Resigns Following EU Sanctions – Reuters
Nayara Energy is majority-owned by Russia’s state-controlled oil giant Rosneft and a closely affiliated Russian investment fund. The leadership shake-up comes just days after the EU unveiled its 18th sanctions package against Russia, which included a ban on importing oil products refined from Russian crude. Nayara was specifically named in the new measures.
Alessandro Des Dorides, who took over as CEO of Nayara Energy in April 2024, was replaced this week by Russian national Sergei Denisov, a long-serving executive at the company.
The leadership change was confirmed during a board meeting on Wednesday, according to sources cited by Reuters and Bloomberg.
Nayara Energy is majority-owned by Russia’s state-controlled oil giant Rosneft and a closely affiliated Russian investment fund.
Des Dorides, a former senior vice president for oil trading at Italy’s Eni, had been dismissed from that role in 2019 after Eni was found to have purchased Iranian oil misclassified as Iraqi in violation of U.S. sanctions.
Denisov’s appointment signals a move toward more direct Russian control of Nayara’s operations. A development director at the company since 2017, Denisov’s resume includes stints at British Petroleum (BP) and TNK-BP, an oil company which was later acquired by Rosneft.
The leadership shake-up comes just days after the EU unveiled its 18th sanctions package against Russia, which included a ban on importing oil products refined from Russian crude. Nayara was specifically named in the new measures.
The impact was immediate, with two tankers scheduled to load diesel at Nayara’s Vadinar port canceling their orders and leaving without cargo. Another vessel carrying 700,000 barrels of Urals crude was rerouted to a different destination.
Nayara Energy Appoints New CEO Amid EU Sanctions
Nayara Energy, an Indian refiner backed by Russian oil giant Rosneft, recently named Sergey Denisov as its new CEO, following the resignation of Alessandro Des Dorides. This leadership change comes in the wake of European Union sanctions imposed as part of measures against Russia over its conflict with Ukraine.
Des Dorides, who joined Nayara Energy in April 2024, had previously faced dismissal from Italian oil company Eni for withholding details about illegal oil trade with Iran. His departure from Nayara coincides with EU’s sanctions announcement, highlighting the company’s entanglement in international geopolitical tensions.
Rosneft, holding a significant stake in Nayara, alongside investors United Capital Partners and Mareterra Group Holding, condemned the sanctions as threats to India’s energy security. Despite challenges, Nayara’s robust operational framework and strategic importance in India’s oil refining sector remain significant, as affirmed by CareEdge Ratings.
(With inputs from agencies.)