New Delhi: Rosneft-owned Naira Energy has appointed Refinery Director and Head Prasad K Panicker as the company’s chairman with effect from October 3.
“Prasad K. Panicker will take on this pivotal role from Charles Anthony (Tony) Fountain, whose 5 years of dedicated service has been marked 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 technical experience and outstanding knowledge of the local Indian market to lead Naira Energy through a new set of strategic priorities with a strong focus on development projects,” the statement said. “
Panicker will continue his role as the head of the refinery. Naira Energy said, “Panikar is respected among national and local authorities and has a strong reputation in the state of Gujarat, which will assure strong CSR contribution and successful implementation of existing and new commitments.”
Despite a very challenging external environment, Naira Energy has developed a clearly articulated strategy for a phased expansion into petrochemicals. The first phase of that development plan, an expansion into polypropylene, will be delivered next year.
The company said that Naira Energy is focused on the implementation of its state-of-the-art asset development program to transform itself into an integrated petrochemical producer, with a strong impact on employee and local community wellbeing and environmental sustainability, while continuing the thoughtful implementation of its ESG initiatives. will focus. ,
In August 2017, Ruia-owned Essar Group sold Essar Oil, its refining and fuel retail business, to Russian oil giant Rosneft and an investment consortium led by global commodity trading firms Trafigura and UCP Investment Group. 86,000 crores. Later in April 2018, the new management changed its name to Naira Energy, but is still running the retail pump under Essar.
Naira owns and operates the country’s second largest single-site refinery at Vadinar in Gujarat, with a current capacity of 20 million tonnes and is also the largest fuel retailer in the private sector with over 6,000 outlets across the country.
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