Veteran oil and gas exec Naresh Nayyar appointed to board of EET Fuels

Veteran oil and gas executive Naresh Nayyar has been appointed on the board of directors of EET Fuels, the firm that owns the UK's Stanlow refinery, said on Wednesday.

Nayyar has been appointed as non-executive director. The appointment was agreed on October 2, 2024.

"Renowned for steering multi-billion-dollar projects and orchestrating turnarounds, Naresh is a seasoned expert in oil and gas market development," a company statement said.

He had previously worked as chief executive officer and managing director of Essar Oil Limited (then India's second-largest private oil company that got acquired by Rosneft of Russia) and chief executive officer of Essar Energy Plc UK (then a FTSE 100 energy company).

Essar owned and operated the Stanlow refinery and last year it created a new entity, Essar Energy Transition (EET), to control its various businesses and drive USD 3.6 billion worth of low carbon projects in the UK and India.

EET Fuels is part of EET.

"Leading Essar Oil UK Limited as chief executive officer and executive chairman, Naresh played a crucial role in a prominent oil refining and marketing company," the statement said.

He was Director (Planning & Business Development) at state-owned Indian Oil Corporation (IOC) before moving to London as chief executive officer of ONGC Mittal Energy Ltd UK -- the joint venture between Oil and Natural Gas Corporation (ONGC) and steel tycoon L N Mittal.

He joined Essar from ONGC Mittal Energy.

He has been on boards of energy companies globally.

A chartered accountant and an alumnus of the prestigious Indian Institute of Management (Ahmedabad), his industry prowess is augmented by specialised education, including the Advanced Financial Management Programme in Oil and Gas from the University of Texas, Dallas, USA.

Prashant Ruia, Chair EET Fuels, said: "I am pleased to welcome Naresh back to EET Fuels at this pivotal time for our business. We are on track to make Stanlow the world's first decarbonised process refinery with a 95% cut in emissions and I look forward to working with Naresh to deliver on this ambition."

Nayyar said: "It is great to be back at EET Fuels and help steer the company as we create a leading UK energy transition hub. I'm looking forward to working with the company as we set a global benchmark for industrial decarbonisation and play our part to ensure that the UK maintains a strong, secure manufacturing base for fuels whilst delivering climate change goals and enhanced energy security.