Nayara Energy, formerly Essar Oil, is planning to invest Rs 1.3 lakh crore in expanding the capacity of its current 20 Million Tonne Per Annum (MTPA) Vadinar refinery by an additional 26 MTPA and add a 10.75 MMTPA petrochemical complex.
India’s Nayara Energy ESRO.M3 has been using Russian giant Rosneft (ROSN.MM) as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said.
Engineering and construction consultants, Thyssenkrupp Industrial Solutions (India), on Monday said the company has entered into a contract with Nayara Energy to provide project management consultancy services for Nayara Energy’s upcoming petrochemical units in Vadinar, Gujarat.
India’s overall fuel demand will rise by more than 4% a year to 2030 as the country’s improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday.
Russian oil major Rosneft-backed Indian refinery Nayara Energy said on Tuesday it will be investing $850 million to expand into petrochemical. Nayara plans to set up a 450,000 tonnes a year Polypropylene plant, the company said in a statement.
The investigation into the Rs 31 crore “theft” of imported coal from Nayara Energy Ltd (formerly Essar Oil) godown near Salaya has been handed over to the Devbhoomi Dwarka district’s local crime branch (LCB).