Teymur Abasguliyev Named New CEO of Nayara Energy

Nayara Energy, one of India’s major private oil refiners, has appointed Teymur Abasguliyev, a senior executive from SOCAR Turkiye Enerji A.Ş., as its new Chief Executive Officer (CEO). The decision follows the resignation of Alessandro Des Dorides and other top European executives, triggered by recent European Union sanctions against the company.

Leadership Shift Amid Sanctions

Sanctions and Resignations

The appointment comes in the wake of the European Union’s 18th round of sanctions on Russia, which included Nayara Energy due to its association with Rosneft, a Russian state-owned oil giant that holds a 49.13% stake in Nayara.

Due to their European nationality, Des Dorides and five other senior officials were compelled to step down to comply with the sanctions. This included directors and vice presidents from operations and safety divisions. The company has criticized the sanctions as unjust and a threat to India’s energy security.

Profile of the New CEO: Teymur Abasguliyev

Background and Credentials

Teymur Abasguliyev is an Azerbaijan national, educated at Baku State University. He has had a long career in finance and energy, including,

• Former tenure at PricewaterhouseCoopers (1996–2013)
• Chief Financial Officer at SOCAR Turkiye Enerji A.Ş. since 2013
• Extensive experience in energy finance and strategic planning

His appointment was approved by the Nayara Board of Directors and is expected to restore leadership stability at a critical time for the company.

Nayara Energy: Strategic Role in India’s Oil Sector

Operations and Ownership

Nayara Energy operates a 20-million-tonne-per-year refinery in Vadinar, Gujarat, one of India’s largest private-sector refineries. It also runs a retail network of over 6,750 petrol pumps across India.

Ownership is split between,

• Rosneft (49.13%)
• Kesani Enterprises (49.13%), a consortium including United Capital Partners (Russia) and Hara Capital Sarl, part of Mareterra Group Holding

This ownership structure reflects deep Russian investment ties, which have increasingly come under scrutiny due to geopolitical tensions.