Nayara Energy Appoints SOCAR Executive as CEO Amid EU Sanctions

Nayara Energy, an Indian oil refining company partially owned by Russian firm Rosneft, has appointed Teymur Abasguliyev, currently CFO of SOCAR Türkiye Enerji A.Ş., as its new CEO effective September 2025. This leadership change follows the resignation of the previous CEO and several senior European executives due to European Union sanctions imposed on Nayara to limit Russia's oil revenues amid the Ukraine conflict. Abasguliyev brings over two decades of international experience in the energy sector, including extensive expertise in financial strategy, organizational transformation, and leadership across refining, petrochemicals, and gas distribution. Despite the EU sanctions, Nayara continues to operate its Vadinar refinery and fuel supply smoothly, while planning significant investments totaling over ₹70,000 crore in petrochemicals, ethanol plants, and infrastructure expansion. The company has condemned the sanctions as unjust and harmful to India’s interests, arguing they violate international trade norms and India’s sovereignty, and is exploring legal options to contest them. Nayara also emphasized its ongoing coordination with government authorities and partners to maintain stability and pursue long-term growth.