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Indian Essar Oil changes corporate name to Nayara Energy Limited
06 June 2018
Indian Essar Oil Limited, where Rosneft PJSC holds 49.13%, has been rebranded as Nayara Energy Limited. The decision was finalised at an extraordinary general meeting of its shareholders.
Following the changes in Essar Oil’s ownership structure in August 2017, the company’s development strategy includes a new brand and corporate identity positioning. The term ‘Nayara’ is coined from Hindi “Naya” (new) and “Era” and strongly signifies the shareholders’ vision of bringing the asset to a new era of development.
Essar retail network amounting to 4,500 fuel stations in India will keep its name after the rebranding of the parent entity. Short-term plans include a possibility of expanding the fuel stations network even further.
Note for Editors:
Nayara Energy Limited is a high-class asset featuring Indian refineries and a chain of fuel stations. Rosneft and a consortium of international investors Trafigura and UCP acquired the asset from Essar Energy Holdings and its affiliates in August 2017. This provided an entry for Rosneft into one of the fastest-growing world markets. Nayara Energy owns the second largest private refinery in India with throughput of 20 mtpa, as well as an oil depot terminal, a port, infrastructure, and a chain of fuel stations.
CARE Ratings upgraded the long-term credit rating of the Indian enterprise to ‘stable’ in May 2018. The agency associated the rating review with successful completion of the company’s refinancing, as well as with a positive impact of the changes in the shareholder structure adding Rosneft and Trafigura-UCP consortium.
Division
June 6, 2018