Nayara Energy appoints Prasad Panicker as new chairman
Prasad K. Panicker, currently director and head of Refinery of Nayara Energy, will become chairman effective October 3, 2022. In his new role, Panicker will lead Nayara Energy through a new set of strategic priorities with a strong focus on development projects.
Panicker will also continue with his role as head of Refinery, which will support hands-on implementation of Nayara Energy’s ambitious development program.
Nayara Energy is a downstream and petrochemicals company of international scale, based in Mumbai, India, with a strong presence across the hydrocarbon value chain from refining to retail. In August 2017, the company was acquired by international investors, Russia’s Rosneft and an investment consortium comprised of global commodity trading firm Trafigura and UCP Investment Group. The company owns and operates India’s second largest single site refinery at Vadinar, Gujarat, with a current capacity of 20 million metric tons per annum (MMTPA).
Panicker succeeds Charles Anthony (Tony) Fountain, whose five years of dedicated service have been landmarked by significant improvements in the level of performance and financial position of Nayara Energy. Despite a very challenging external environment, Nayara Energy has developed a clear 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 has significantly expanded and focused its CSR (corporate social responsibility) role with a commitment to ensure that the communities in which it operates develop and grow alongside it.
Under Fountain’s leadership, Nayara Energy has established highly effective corporate governance systems, enhanced its external reputation and put in place a very strong executive team under the leadership of a highly experienced CEO, Dr. Alois Virag.
“I am deeply proud of what has been achieved at Nayara, and it has been a privilege to work with the board in achieving this. Given the much-improved position of the company and after five years, now is the right time to hand on to a new leader to work with the management team and board to deliver the next exciting phase for the company,” Fountain said.
At the new stage of its growth journey, 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 (environmental, social and governance) initiatives, with strong impact on employees and local community well-being and environmental sustainability.