Nayara Energy said it has created a clear strategy for a gradual expansion into petrochemicals despite a difficult external environment.

Prasad K. Panicker, the director and refinery chief, has been appointed by Nayara Energy as its chairman, beginning on October 3.

Charles Anthony (Tony) Fountain, whose five years of service were distinguished by notable advancements in the company's level of performance and financial situation, will be replaced by Panicker. Nayara Energy claimed that despite a difficult external environment, it has devised a clear plan for a gradual expansion into petrochemicals. The expansion into polypropylene, the first stage of that development strategy, will be completed the following year.

"It has been an honour to work with the Board in achieving what has been accomplished at Nayara, and I am really pleased with what we have accomplished. Given the company's greatly improved position and the fact that it has been five years since Fountain took over, now is the ideal time to delegate leadership to a new person who will collaborate with the management team and board to bring the company's next exciting phase to fruition.

In order to become an integrated petrochemical producer, Nayara Energy said it would concentrate on implementing its cutting-edge asset development programme while continuing the thoughtful implementation of its ESG initiatives, which have a significant impact on the well-being of its workforce, the local community, and the environment.

According to the company, Panicker will remain in his crucial leadership position as refinery chief, supporting the practical execution of Nayara Energy's ambitious development agenda.