Nayara Energy

Nayara Energy Limited (formerly Essar Oil Limited) is an Indo-Russian integrated downstream energy company. It owns and operates India's second-largest single-site oil refinery at Vadinar, Devbhoomi Dwarka, Gujarat, with a capacity of 20 MMTPA (million metric tonnes per annum) and a Nelson Complexity Index of 12.17. The refinery started commercial production in May 2008 and is capable of processing a wide range of crude oils — from sweet to sour and light to ultra-heavy — producing Euro IV and Euro VI compliant fuels. The company was taken private in a leveraged buyout in 2015 (delisted at ~₹380 billion valuation). Rosneft, the Russian state-owned energy major, holds a 49.13% stake, making Nayara the largest Rosneft refinery outside Russia. Beyond refining, Nayara operates India's fastest-growing private fuel retail network with 6,000+ branded outlets across multiple states. The Vadinar site holds 2,392 hectares, its own deep-water port and oil terminal (capacity 58 MMTPA), captive power plants (1,010 MWe), and NABL-accredited laboratories. The company contributes approximately 8% of India's total refining output. Note: In July 2025, the EU designated Nayara Energy's Vadinar refinery under its 18th sanctions package targeting Russian oil revenues. This regulatory development may affect its export market access and banking relationships.