The sanctions on Russia are unlikely to affect Naira Energy, partly owned by Rosneft

The sanctions imposed on Russia after it invaded Ukraine on Thursday morning will have no effect on Naira Energy Ltd (formerly Essar Oil Ltd), which is 49.13% owned by Russian oil major PJSC Rosneft Oil Co, officials said. “Naira Energy is an Indian company focusing on its growth plans to become one of the largest integrated energy and petrochemical complexes within the country,” the company said in a statement in response to questions on the potential impact. “Our efforts are designed to meet the growing energy and petrochemical needs of the country. We are making steady progress on our petrochemicals expansion in a phased manner, which is in line with our asset development strategy,” said the company. based privately held downstream oil company is into refining, marketing, production and has over 6,000 retail fuel outlets across India. Other members of the consortium include Trafigura Group and United Capital Partners.