Source: Rosneft – An important disclaimer is at the bottom of this article.
Rosneft Oil Company considers the European Union’s decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal. These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state.
Rosneft emphasizes that it is not a controlling shareholder of Nayara Energy – the Company’s share in the authorized capital of the enterprise is less than 50%. The enterprise is managed by an independent Board of Directors.
The European Union’s grounds for imposing sanctions are completely far-fetched and false in content, Nayara Energy is an Indian legal entity whose economic activity is aimed at the development of its asset. The entity is taxed entirely in India. Nayara Energy shareholders have never received dividend payments and the accumulated profits have been used exclusively for the development of the refinery and petrochemicals and the company’s retail network in India.
The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country’s domestic market. The imposition of sanctions against the refinery directly threatens India’s energy security and will have a negative impact on its economy.
Such actions of the European Union demonstrate complete disregard not only for international law, but also for the sovereignty of third countries. Rosneft views these sanctions as part of the EU’s destructive policy aimed at destabilizing global energy markets. The restrictions on Nayara Energy are yet another example of the EU’s use of unfair competition practices.
We are counting on the fact that Nayara Energy will take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India.
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.