The second biggest oil refinery, Nayara Energy is set to expand and enhance its reach in petrochemical and alternate energy sectors.
The company has 6300 retail outlets currently and is now expanding pan-India with most of the outlets to be franchise models bringing speed in launching the outlets. To support retail operations, the company has also operationalised company owned depots in Maharashtra’s Warda and Rajasthan’s Pali.
The company also plans to move ahead with commissioning of its PP unit in Gujarat’s Vadinar.
Nayara Energy has an oil refinery of 20mn capacity and intends to start the new plant by H12024 with an investment of USD750mn.
The company is also exploring varied initiatives such as non-fuel retail (NFR) opportunities, alternate fuels like solar installations, EV charging stations and green hydrogen.
Multiple NFR opportunities are identified under food, auto services and other service categories. A pilot programme is under progress to check the above before pan-India rollout of NFR as per Chairman, Panicker, Nyara Energy.
The company wishes to expand its portfolio of products and tap opportunities in the ever-growing petrochemical industry along with catering to Indian energy needs. Nyara also remains open to explore future opportunities of expansion which align with the company’s long-term goals and dynamics of the market.
Nyara Energy has not got any disruption in the supply of crude from the varied geopolitical and other macroeconomic developments in the past two years but is still closely monitoring developments that may arise in disruptions of crude supply.
The company is also optimising crude diet based on product requirements, diversity and economics. Moreover, the reduction of decreasing export volumes is due to a surge in India’s fuel demand that the company caters to.
The company as a major downstream player is giving about 8% of India’s refining output. It also intends to expand its existing refining capacity and set up petrochemical units including an integrated expansion.
The prime ongoing projects for improving product are revamp of the current Vacuum Gas Oil Mild Hydrocracking unit that aids in incremental supplies of High Speed Diesel.
The chairman is also not concerned by the shift to hybrid vehicles especially to Electric Vehicles and stresses that an imminent demand growth shall happen when India shifts towards a developed nation.
