Business Standard

Nayara Energy appoints Alessandro Des Dorides as chief executive officer

Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said

Nayara Energy raises Rs 2,285 cr via NCDs, issue sold out twice over

Press Trust of India New Delhi

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Nayara Energy on Wednesday named Alessandro Des Dorides, the former head of oil trading at Eni who was sacked for withholding information in illegal Iran oil trade, as the new CEO of the company.
Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said.
In 2019, Italian oil company Eni SpA bought a shipment of oil that was purported to have come from Iraq but actually came from Iran. The act potentially breached the US sanctions and led to Des Dorides, who oversaw the deal for the cargo, being fired.
Without mentioning Des Dorides' Eni background, the Nayara statement described him as "a seasoned oil and gas professional with over 24 years of experience in the energy industry."

"He possesses a deep understanding of the global energy markets, strategic planning and risk management," it said. "Alessandro brings with him a wealth of experience and global exposure which will help Nayara Energy to continue its growth trajectory in the refining, retail, petrochemical and new sustainable energy businesses.
He graduated in Economics from Sapienza University of Rome and holds an MBA from SDA Bocconi.
Nayara, backed by Russia's Rosneft, is India's largest private fuel retailer, owning close to 6,600 petrol pumps in the country. It also operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat.
Speaking on the new appointment, Prasad Panicker, Chairman, Nayara Energy said, "Alessandro's rich and diverse experience in the energy industry will guide Nayara Energy in its next phase of growth. We are confident with Alessandro at the helm, Nayara Energy will continue to thrive and exceed expectations.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 27 2024 | 10:47 PM IST

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