Nayara Energy's ₹70,000cr investment plan hits roadblocks due to sanctions
Nayara Energy, partly owned by Russia's Rosneft, is running into trouble as EU and US sanctions on Russian entities and oil indirectly affect its operations due to Rosneft's significant ownership stake.
Even though Rosneft isn't directly sanctioned, its big stake in Nayara has made things complicated.
The US has also added duties on Indian imports, saying India's use of Russian oil could help fund Russia's actions in Ukraine.
Nayara is sticking with its massive ₹70,000 crore investment plan
Sanctions have forced major international contractors like France's Technip Energies and Indonesia's PT Timas Suplindo to step back from key projects—think new polypropylene units and mooring systems.
Now, Nayara is turning to local and non-sanctioned partners to keep things moving.
Despite all this, the company isn't slowing down: it's sticking with its massive ₹70,000 crore investment plan for petrochemicals and marketing upgrades, including a new ethane cracker plant with Japan's Toyo Engineering as a consulting partner.
Since 2017, they've already put in over ₹14,000 crore to boost their infrastructure.