Nayara Energy appoints Prasad K Panicker as Chairman – newsdubai

Nayara Energy, India’s second largest private oil refiner, on Saturday announced the appointment of Prasad K Panicker as the new chairman of the company with effect from October 3.

Panicker, who is currently director and refinery manager at Nayara, will replace Charles Anthony (Tony) Fountain, whose five-year term is coming to an end, the company said in a statement.

Russia’s Rosneft-based Nayara operates a 20 million tonnes per annum capacity oil refinery at Vadinar in Gujarat and over 6,500 petrol pumps in the country.

Also read: Russian-backed Indian refiner Nayara Energy records record profits

“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,” it said.

Nayara has significantly expanded and focused its CSR role with a commitment to ensure that the communities in which it operates evolve and grow with it.

A new scene

“On the new stage of its growth journey, Nayara Energy will focus on the implementation of its pioneering asset development program to transform itself into an integrated petrochemical producer, while continuing to thoughtfully implement its ESG initiatives with strong impact on employees and local society’s well-being and environmental sustainability.

“In his new role, Panicker will use his unique technology experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with a strong focus on development projects,” the statement said.

Panicker will also continue in his leadership role as Head of Refinery, which will support the practical implementation of Nayara Energy’s development program.

Published it

10 September 2022