CEO of Nayara Energy steps down in response to European Union imposing penalties
Nayara Energy Announces Ambitious Expansion Plans Under New CEO
In a significant move, Nayara Energy, one of India's leading energy companies, has announced plans for substantial investment and expansion following the appointment of Sergey Denisov as its new CEO on July 25, 2025.
Denisov, who previously worked with BP for over 6 years, has been with Nayara Energy since October 2017, initially serving as the chief development officer. His appointment comes after the resignation of Alessandro des Dorides, following the EU imposing sanctions on Russia, which includes Nayara Energy, potentially disrupting the company's exports to the EU.
Nayara Energy, which is largely owned by Russia’s state-controlled Rosneft and affiliated funds, has pledged to invest over Rs 70,000 crore in the long term towards petrochemicals, ethanol plants, marketing infrastructure expansion, refinery reliability, and ESG (Environmental, Social, and Governance) projects [1][3]. This commitment aligns closely with India's national priorities of energy self-sufficiency and infrastructure development.
The company's expansion strategy focuses on building new petrochemical plants, ethanol facilities, refining upgrades, and marketing infrastructure extensions, driving job creation and increased domestic capacity [1][3]. Nayara Energy's operations currently account for around 8 per cent of India's total refining capacity, 8 per cent of India's polypropylene capacity, and around 7 per cent of India's retail petrol pump network [1].
Denisov is spearheading a $20 billion feasibility study for a new refinery and steam cracker complex, further demonstrating the company's commitment to the growing Indian market [5]. However, no detailed project timeline or specific facilities have been publicly disclosed yet.
Despite geopolitical challenges impacting its ownership and operational environment, Nayara Energy underscores ongoing investments in domestic infrastructure and growth in petrochemicals and retail fuel networks as central pillars of its expansion strategy [1][3]. The company's ongoing investments in these areas reflect its commitment to India's market and priorities.
In conclusion, under the leadership of Sergey Denisov, Nayara Energy is continuing and amplifying its ambitious investment and expansion plans in India, with a focus on strengthening refining and petrochemical capacity and expanding its marketing footprint. The company's strategic decisions will be closely watched as it navigates the geopolitical challenges in its operational environment.
[1] Nayara Energy Announces Expansion Plans under New CEO (July 25, 2025) [2] EU Imposes Sanctions on Nayara Energy (July 15, 2025) [3] Nayara Energy's Long-term Investment Plans (July 26, 2025) [4] Denisov Appointed as Nayara Energy's CEO (July 25, 2025) [5] Denisov Leading $20 Billion Feasibility Study for New Refinery (August 10, 2025)
- Nayara Energy's new CEO, Sergey Denisov, has announced plans for substantial investment and expansion, estimated to be over Rs 70,000 crore, aimed at petrochemicals, ethanol plants, marketing infrastructure expansion, refinery reliability, and ESG projects.
- Denisov is spearheading a $20 billion feasibility study for a new refinery and steam cracker complex, further demonstrating the company's commitment to the growing Indian market.
- The company's strategic moves, such as building new petrochemical plants, ethanol facilities, refining upgrades, and marketing infrastructure extensions, indicate a focus on job creation and increased domestic capacity.
- Despite geopolitical challenges, Nayara Energy is continuing investments in domestic infrastructure and growth in petrochemicals and retail fuel networks as key aspects of its expansion strategy.
- The company's ongoing investments in these areas reflect its commitment to India's market and priorities, underscoring its ambition to strengthen refining and petrochemical capacity and expand its marketing footprint.
