Nayara Energy commits $850mn for development of Devbhumi Dwarka as a petrochemical hub

Nayara Energy commits $850mn for development of Devbhumi Dwarka as a petrochemical hub
Published: 17 July 2019 - 5 a.m.
By: Martin Menachery
Nayara Energy, an integrated downstream oil company led by Rosneft and an investment consortium comprised of Trafigura and UCP Investment Group, has signed two memorandums of understanding (MoUs) with the Government of Gujarat, India, at the 9th Vibrant Gujarat 2019 Summit in Gandhinagar.

Under the terms of the MoUs, Nayara Energy has committed to invest $850mn towards phase 1 of the expansion plan, which will see the establishment of new refinery and petrochemical units. This investment will contribute significantly towards the development of Devbhumi Dwarka district as a petrochemical hub in India.

To further its commitment Nayara Energy will initiate smart agriculture and water conservation programme in 11,000 hectors in Devbhumi Dwarka.

B Anand, chief executive officer of Nayara Energy, said: “We are delighted to partner with the
Government of Gujarat and work towards the common purpose of inclusive growth. With our investments and the retail expansion that is underway, we plan to optimise India’s energy basket and offer energy to everyone.”

Anand added: “Our name, Nayara, signifies our vision to succeed in the Indian and global energy markets by delivering high-quality products and service across the value chain. With the signing of these MoUs, we have ensured that our values reflect in all our engagements too.”

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