Essar Oil seeks nod to be known as Nayara Energy
Essar Oil, owned by Rosneft and a consortium led by Trafigura and UCP, is seeking shareholder approval to change its corporate identity to Nayara Energy Ltd. The firm said the move aligns with the “strategy to create a new brand and identity, reflecting the new ownership and its ethos. It will enable positioning the company to compete and succeed in the new era and meet customer needs in the fastest growing energy market in the world.”The majority stake in EOL was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017. “The term coined from “Naya” (new) and “Era” also strongly signifies the company’s progressive vision to succeed in the dynamic Indian and global energy markets. The adoption of the new name is subject to all requisite approvals and the new corporate identity will be rolled out progressively,” the statement added.
