Nayara Energy, India’s second biggest private oil refiner, on Saturday announced the appointment of Prasad K Panicker as the new chairman of the company with effect from October 3.

Panicker, who currently is director and head of refinery at Nayara, will replace Charles Anthony (Tony) Fountain, whose five-year term is ending, the company said in a statement.

Russia’s Rosneft-backed Nayara operates a 20-milliontonnes-a-year capacity oil refinery at Vadinar in Gujarat and over 6,500 petrol pumps in the country.

“Despite a very challenging external environment, Nayara Energy has developed a clearly articulated strategy for a phased expansion into petrochemicals. The first phase of that development plan, the expansion into polypropylene, will be delivered next year,” it said.

“In his new role, Panicker will deploy his outstanding technological experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with a strong focus on development projects,” the statement said.