Nayara Energy announced that Mr. Prasad K Panicker, Director and Head of Refinery, would be taking over the responsibility of Chairman of the Company with effect from October 3, 2022.
Prasad K. Panicker will take on this important role from 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 the Company. 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 has significantly expanded and focused its CSR role with a commitment to ensure that the communities in which it operates develop and grow alongside it.
At the new stage of its growth journey, Nayara Energy would focus on implementing its cutting-edge asset development program to transform itself into an integrated petrochemical producer while continuing thoughtful implementation of its ESG initiatives, with a strong impact on employees and local community well-being and environmental sustainability.
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 a strong focus on development projects.
Panicker will also continue his critical leadership role as Head of Refinery, supporting hands-on implementation of Nayara Energy’s ambitious development program. Panicker is well-respected within national and local authorities and has a strong reputation in Gujarat State, which will assure strong CSR contribution and successful implementation of existing and new commitments.