Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Nayara Energy is an Indo-Russian oil Refining and Marketing company that owns and operates Vadinar refinery located at Vadinar, Gujarat, India with a capacity of 20MMTPA, making it the second largest in India. It operates over 6386 retail fuel outlets in the country the highest for any private oil company in India.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackThe State Bank of India (SBI) has stopped trading and foreign exchange operations with Nayara Energy, an oil refiner that is almost half-owned by Rosneft, in a move to avoid potential sanctions implications.
Snapped cheap Russian oil through spot deals. Rosneft, Russia's largest oil company, is in talks to sell a stake in India's Nayara Energy. Rosneft has already valued Nayara Energy at more than $20 billion and has held talks with Reliance Industries, Adani, JSW Group and Saudi Aramco. Europe has imposed sanctions on Indian company Nayara Energy, threatening its sale. Rosneft has held talks with Reliance Industries Ltd., owned by billionaire Mukesh Ambani, about a possible sale of a stake in Nayara. The sanctions will make it more difficult for Reliance to buy a stake in a competitor, as it could jeopardize the company's business in Europe, a region that regularly imports Indian fuels, including diesel. CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say.