New Delhi: Rosneft-owned Nayara Energy has appointed Prasad K Panicker, director and head of refinery, as the chairman of the company, effective 3 October.
“Prasad K. Panicker will take on this important role from Charles Anthony (Tony) Fountain, whose 5 years of dedicated service have been landmarked by significant improvements in the level of performance and financial position of the Company,” the company said in a statement.
“In his new role, Panicker will deploy his outstanding technological experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with strong focus on development projects,” it said.
Panicker will continue with his role as head of refinery. “Panicker is well-respected within national and local authorities and has strong reputation in Gujarat State, which will assure strong CSR contribution and successful implementation of existing and new commitments,” Nayara Energy said.
Despite a very challenging external environment, Nayara Energy has developed a clearly articulated strategy for a phased expansion into petrochemicals. The first phase of that development plan, the expansion into polypropylene, will be delivered next year.
Nayara Energy would focus on implementation of its cutting-edge asset development program to transform itself into an integrated petrochemical producer, while continuing thoughtful implementation of its ESG initiatives, with strong impact on employees and local community well-being and environmental sustainability, the company said.
In August 2017, Ruias-owned Essar Group sold Essar Oil, its refining and fuel retailing business to Russian oil giant Rosneft and an investment consortium led by global commodity trading firm Trafigura and UCP Investment Group for over ₹86,000 crore. Later in April 2018, the new management renamed it Nayara Energy but is still running the retail pumps under Essar.
Nayara owns and operates the country’s second-largest single-site refinery at Vadinar in Gujarat with a current capacity of 20 million tonne and is also the largest fuel retailer in the private sector with over 6,000 outlets across the country.
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