Nayara Energy to expand business 50% by 2030, says Chief Alois Virag

He added that his company wants to contribute to making India more self-reliant and self-sufficient with petrochemical production

 

Rome, [Italy], Apr 14 (ANI): India's second-largest refinery Nayara Energy is going to expand around 50 per cent of business by 2030. Currently operating with 6000 retail outlet company has planned to open 3000 more retail outlets across the country, said Alois Virag, CEO, of Nayara Energy after meeting with Commerce and Industry Minister Piyush Goyal on the sidelines of the India-Italy CEO roundtable.

In an exclusive interview with ANI, Virag said that Whatever we produce we process 20 million tonnes of crude, which we offer to Indian customers. We have more than 6000 retail outlets and this is one of our growth stories. We want to go up to 9000 by 2030. Virag said that we provide all our goods and services to all the other customers in India and only the excess that is not bought by Indian customers we export. Currently, that's approximately 40 to 45 per cent of our volumes.

"We expect that India's energy demand will grow. But Indian demand will grow. We heard Prime Minister Modi in Indian Energy Week say he said the current demand is 250 million tons and in 2040 It will be 450 million tons" Virag told ANI.

"So there is a huge growth story and of course, Nayara Energy wants to be part of it. Virag said that one specific segment which is extremely growing much faster than the rest of the economy is petrochemical demand and here India is a net importer" he added.

Nayara Energy Chief said that his company want to contribute to making India more self-reliant and self-sufficient with petrochemical production, which is why they set up 450,000 tonnes of polypropylene production by the end of this year.

'We are analyzing and investigating the phase two investment, which would then add another 1.1 mn tonnes of polyethylene and 500,000 tonnes of polypropylene," he said.Nayara Energy is a downstream company of an international scale with prominence across the hydrocarbon value chain from Refining to Retail. Nayara Energy's single-site refinery at Vadinar, Gujarat contains a capacity of 20MMTPA, making it the second largest in India.

Nayara Energy Chief said, "it is a great honour to be invited to this esteemed India-Italy CEO roundtable meeting here in Rome, and I'm pleased to be part of it. India is the fastest growing largest economy in the world and it will be the growth engine for the world.

"This CEO roundtable has a huge impact. In the energy sector, I'm working for Nayara Energy which is a downstream oil company. This roundtable is generating a lot of ideas that we could contribute to support the growth story of India," he said.