Essar Oil Limited (EOL) is seeking approval to change its corporate identity to Nayara Energy Limited. The new corporate identity for EOL is in line with the Company’s strategy to create a new brand and identity, reflecting the new ownership and its ethos, the company said in a statement on Thursday.
"It will enable positioning the Company to compete and succeed in the new era and meet customer needs in the fastest growing energy market in the world." The majority stake in EOL was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017.
The company said the term coined from “Naya” (new) and “Era”, also strongly signifies the company’s progressive vision to succeed in the dynamic Indian and global energy markets. The adoption of the new name is subject to all requisite approvals and the new corporate identity will be rolled out progressively.
Rosneft, the new owner of the company after the Ruia-promoted Essar group exited, is world’s largest publicly traded petroleum company.
Trafigura is one of the world’s leading commodity trading and logistic companies. UCP Investment Group is one of the largest financial investment groups in Russia.