Nayara Energy, formerly Essar Oil, said it is taking a fresh look at previously announced plans to double refining capacity to 40 million tonnes, but continues to pursue retail network expansion aggressively with an aim to ramp up the number of petrol pumps to more than 7,000 in 2-3 years.
The Russian oil major Rosneft-backed firm will evaluate the market and demand before investing in the refinery expansion, he said, adding that setting up a petrochemical unit is also under review.
“Earlier they (the previous management) had a plan for doubling the refining capacity, all that we are evaluating. We will see the market, we have to give it a fresh look,” he told reporters here.
Rosneft and its partners had in August last year completed a $12.9-billion acquisition of Essar Oil to enter the world’s fastest-growing energy market. This April, they changed the name of the firm to Nayara Energy. Read More