ESSAR OIL TRANSFORMS INTO NAYARA ENERGY INDICATING A NEW PROMISING ERA
India has recently been a growing market for petroleum products. With domestic demand noticing an upsurge, the oil refineries in India, have been actively expanding their refining capacity in a tremendous fashion. One such prominent oil refineries of India is Essar Oil Limited. Acquired by the Russian oil conglomerate, Rosneft, and an investment consortium led by Trafigura & UCP Investment Group, in the year 2017, in a massive acquisition of nearly $13 billion, Essar Oil has been a pioneer in oil and gas exploration.
This mammoth oil corporation that owns the well-renowned oil refinery in Vadinar, Gujarat, has recently decided to emerge from the cocoon of its old name Essar Oil Limited to a brand-new name of Nayara Energy Limited. Formed by amalgamating the Hindi word ‘Naya’ that is ‘New’ and ‘Era’, this name brings out the fresh approach of the company’s philosophy and the futuristic vision with which it aims to capture the rapid Indian market.
Essar Oil Limited has been an impressive owner of a terrific global portfolio that entails a gigantic 3.4 billion barrels of oil equivalent, along with a resource base of almost 15 TCF of unconventional hydrocarbon. Essar Oil Limited is a product of a prolific experience of 50 years along with 25 years of experience in E&P of Coal Bed Methane. The Raniganj East CBM asset of Essar Oil Limited’s EOGEPL entity is the largest CBM producing asset along with the shale gas potential. Hence, now through the new name of Nayara Energy Limited, the company wants to take the legacy of being one of the leading oil refineries in India, forward along with the significant elegance and soul of the previous name.
The bold move of the company to represent itself in a new name remarkably displays its mettle to test the new waters and enter into new territories. It seems that the company is ambitiously willing to expand even the retail presence by forming a channel and creating out a network of Nayara Energy Dealership in India. This bigger presence will eventually give an incredible boost from the existing quantifiable presence of the company in the retail sector. Nayara Dealership in India might lay out a very seamless process for the landowners to notice the earning potential through the Nayara Dealership.
As India is progressing towards becoming a more ‘AtmaNirbhar’ or self-reliant nation, the production capacity in every sector is expected to see exponential growth. The petroleum refineries in India along with oil will be a part of this growth and would be required to increase their refining capacity. Hence, the zealous and progressive vision of Nayara Energy would pave a path of the success that has always been associated primarily with Essar Oil.
In the year 2017, Essar managed to grab the biggest Foreign Direct Investment not only in the fuel market but in the entire nation. That aided the company to significantly rev up the financial performance along with adopting and acquiring new development strategies. The locations identified by the company to establish new ventures helped it to mark itself as a leading fuel player in the global market. With the reformation in the place, new virtues and values would be added to the existing ones, promising a new era indeed.
