Coal News We love to talk!

APR 27 2018

Rosneft-owned Essar Oil to be renamed Nayara Energy; to create new identity

  • Economic Times, ET Bureau / Hyderabad
  • Created: Fri 27th APR 2018

 

Essar Oil has said is was seeking approval to change its corporate identity to Nayara Energy. Essar Oil said the term coined from ‘naya’ (new) and ‘era’ strongly signifies its vision to succeed in the Indian and global energy markets. The adoption of the new name is subject to all requisite approvals, the company said. The majority stake in Essar Oil was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017. Analysts said the consortium might have chosen a new name instead of using Rosneft, as there were multiple stakeholders in the company.

As of April, Essar Oil operated 4,473 retail outlets in the country. So far, Rosneft has operated these outlets under the ‘Essar’ brand. It is not clear whether the company will re-brand its retail outlets to reflect the new name. The fuel retailing segment in India is dominated by state-run oil marketing companies (OMCs). With the market size in terms of outlets reaching a saturation point, Essar Oil will have to battle with the state-run OMCs, and Reliance Industries and Shell in the private-owned fuel retail space.

In October 2016, Rosneft and a consortium led by Trafigura entered into a deal with the Essar group to acquire Essar Oil’s refining and retail assets for $10.9 billion and also acquire Vadinar port and related infrastructure for another $2 billion.

Tags

Uttar Pradesh Oil Oil Marketing Companies Energy Shell Essar Group Essar Essar Steel Essar Oil Ltd. India

Related News

  • Oil cos' losses on subsidised sales to drop 54%  Read more
  • Rosneft to buy $2.4 billion Essar Oil stake  Read more
  • NTPC signs coal-swapping agreement with Gujarat State Electricity Corporation  Read more
  • MERC trues-up financials, determines ARR and fixes tariff for MSPGCL  Read more
  • Euro VI petrol to raise refiners cost by Rs 1.40 per litre  Read more
  • ReNew Power may buy Ostro Energy in Rs10,000 crore deal  Read more
  • Odd-even system in Tripura to distribute fuel  Read more
  • MYSUN commissions 231 kW industrial rooftop solar project  Read more
  • Daily price change, higher margins to boost profitability of oil firms  Read more
  • ONGC keen to buy HPCL, may cost about Rs 42,254 crore  Read more