Russian oil major Rosneft-owned Essar Oil Ltd plans to change its corporate identity to Nayara Energy Ltd, the company said today.
Rosneft and its partners completed the USD 12.9-billion acquisition of Essar Oil last August to enter the world’s fastest-growing energy market.
“Essar Oil Ltd (EOL) is seeking approval to change its corporate identity to Nayara Energy Ltd. The new corporate identity for EOL is in line with the company’s strategy to create a new brand and identity, reflecting the new ownership and its ethos,” the company said in a statement.
Rosneft owns 49.13 per cent of the company while global commodity trading and logistics giant, Trafigura and Russia’s UCP Investment Group own another 49.13 per cent. Read More