The European Union has become expensive by the Panga from India. Russian oil company Rosneft is going to invest a huge investment of 70 thousand crores in India. The company on which the European Union i.e. EU imposed unilateral sanctions. The same Naira replied to the EU and announced to create a new history on the path of energy security and self -sufficiency for India. Naira Energy is the same company earlier known as Israel Oil. Today it is owned by Russia’s largest oil company Rosneft. Naira Energy operates oil refinery with a capacity of 2 million tonnes per year at the Wadinar in Gujarat. The company has about 6,800 fuel outlets across the country. Naira handles 8% of India’s total refining capacity and 7% of fuel retail network.
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Why did EU ban Naira Energy?
The EU released the 18th ban on Russia companies due to the Russia Ukraine War. It also included Indian company Naira Energy. The EU claims that Naira Energy does Russian crude processes. But the reality is that India is an independent, sovereign nation and it is a policy right to buy oil. Naira imports crude only for domestic needs. Not supplies to Europe. The EU treated India’s energy security like a collateral damage.
European Union’s ban stated unjust
The company said on the European Union sanctions that this step not only weakens India’s interests, but also causes the risk of disrupting the uninterrupted supply of petroleum products required for millions of Indian citizens and industries. Along with this, the company said that it is firm in its role as a reliable energy partner for India. Naira said that it would continue investing more than Rs 70,000 crore over the long -term period of petrolation, ethanol plants, marketing infrastructure and ESG projects. However, he did not give any further information about the projects. Naira said that she has invested over Rs 14,000 crore in various projects in India since August, 2017. She said that she contributes about eight per cent of India’s total treatment capacity and seven percent of retail petrol pump network. He also claimed to provide employment to more than 55,000 direct and indirect employees across the country.
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70,000 crore investment in Naira Energy
Amidst an internationally increasing investigation, India-Russian Naira Energy has reiterated India’s energy future to the future with a large investment of Rs 70,000 crore in the Downstream infrastructure. Also, the company has strongly criticized the latest sanctions of the European Union and described them as harmful to India’s interests. The move, which has faced sharp reactions in India, also included the controversial Naira Energy in the 18th round of restrictions imposed by the European Union to clamp down on Russian crude oil institutions, which is a private Indian company and entirely under Indian laws. This decision has created widespread concern, and many people in India are seeing it as an encroachment, which is a threat to the country’s energy freedom and economic sovereignty.