Teymur Abasguliyev is named CEO of Nayara Energy, effective September

New Delhi: Teymur Abasguliyev was named as Nayara Energy's new chief executive officer (CEO) on Tuesday. Abasguliyev will lead the company, which is supported by Russian oil giant Rosneft, starting in September. Abasguliyev has been in charge of corporate governance, financing, mergers and acquisitions, capital markets, and extensive organizational reorganization since 2013 when he was appointed chief financial officer for group companies at SOCAR Türkiye Enerji A.Ş., an Azerbaijani energy company.In a statement, Nayara, the biggest private fuel retailer in India, stated, "Teymur brings over two decades of diverse international leadership experience in the energy sector, renowned for his expertise in driving organizational transformation and delivering sustainable growth."After Alessandro des Dorides left in July due to Nayara's placement under EU sanctions, the Mumbai-based company appointed Sergey Denisov, its chief development officer, as interim CEO.Given that Nayara has been subject to European Union sanctions, the nomination comes at a critical moment. The EU imposed sanctions on Nayara's 20-million-ton refinery in Vadinar, Gujarat, on July 18. The restrictions were intended to limit Russia's capacity to generate energy and oil profits while waging a protracted conflict against Ukraine.

Nayara later declared that it is actively pursuing all legal alternatives to overturn the EU's judgment, calling the action irrational, unilateral, and a violation of international law. The business asserted that the sanctions violate international standards and undercut India's sovereignty.Nayara stated on July 21 that it intends to make long-term investments of more than ₹70,000 crore in a variety of projects, including ethanol plants, petrochemicals, and the expansion of marketing infrastructure.Since August 2017, Nayara, the company that runs the 20-million-ton refinery in Vadinar, has invested over ₹14,000 crore in a number of projects, including modernizing existing refining facilities, purchasing a new petrochemical plant, and other new infrastructure projects. The company said it is still dedicated to India's growth story.The corporation stated earlier this month that, in spite of the European Union's sanctions, its refinery operations and supply of its petroleum products nationwide continue at a "healthy run rate." It added that it is working with partners and several government agencies to ensure smooth transactions and operational stability.