Outlook Business Desk
Nayara Energy, backed by Russian oil major Rosneft, has named Teymur Abasguliyev as its new chief executive officer (CEO), effective September 2025.
Abasguliyev studied at Baku State University in Azerbaijan and began his career at PricewaterhouseCoopers, where he worked from 1996 to 2013. Since 2013, he has served as Chief Financial Officer (CFO) for SOCAR Türkiye Enerji A.Ş., gaining extensive leadership experience.
Nayara, India’s largest private fuel retailer, highlighted Abasguliyev’s credentials, stating, “Teymur brings over two decades of diverse international leadership experience in the energy sector, renowned for his expertise in driving organisational transformation and delivering sustainable growth.”
Before this appointment, Sergey Denisov, Nayara’s chief development officer, was serving as interim CEO. He replaced Alessandro des Dorides, who resigned in July after the company was placed under European Union sanctions, intensifying leadership challenges at the Mumbai-based firm.
On 18 July, the European Union sanctioned Nayara’s 20-million-tonne refinery in Vadinar, Gujarat. The move was aimed at reducing Russia’s oil revenues amid its war in Ukraine, directly impacting Nayara due to Rosneft’s stake in the company.
Nayara described the EU sanctions as one-sided and against international law. The company stated it is reviewing legal avenues to contest the decision, emphasising that the restrictions disregard India’s sovereignty and violate accepted norms of global trade and energy regulations.
Despite sanctions, Nayara announced plans to invest over ₹70,000 crore in petrochemicals, ethanol plants, and marketing infrastructure expansion. Since 2017, it has already invested ₹14,000 crore in upgrading refining facilities and building new projects across India’s energy sector.
Despite EU sanctions, Nayara confirmed that its Vadinar refinery and nationwide fuel supply continue to operate smoothly. The company is also coordinating with government authorities and partners to maintain stability while pursuing long-term growth and infrastructure expansion across India.