Nayara Energy announced on Saturday the appointment of Prasad K Panicker, the refinery’s director and chief executive, as chairman effective October 3.

Panicker will succeed Charles Anthony (Tony) Fountain, whose five-year tenure has been marked by significant improvements in the company’s performance levels and financial condition. Despite a challenging external environment, Nayara Energy said it has an articulated strategy for a gradual expansion into petrochemicals. The first phase of this development plan, the expansion to polypropylene, will be delivered next year.

“I am deeply proud of what has been achieved at Nayara and it has been a privilege to work with the Board to achieve this. With the company in a much improved position and after five years, now is the right time to hand over to a new leader who will work with the management team and board to create the next exciting phase for the company,” said Fountain.

Nayara Energy said it will focus on executing its state-of-the-art asset development program to transform into an integrated petrochemical producer, while continuing the thoughtful implementation of its ESG initiatives, with strong impacts on the well-being of employees and the local community as well as on environmental sustainability.

Panicker will also continue in his critical leadership role as head of the refinery, which will support the practical implementation of Nayara Energy’s ambitious development program, the company said.