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Mumbai, March 3, 2020
Former GAIL (India) Chairman and Managing Director B C Tripathi has been appointed as the Non-Executive Chairman of of Essar Exploration and Production Ltd Mauritius (EEPLM) and Board Member of Essar Oil UK Ltd (EOUKL).
The decision was made by Essar Capital Ltd (ECL), the investment manager of Essar Global Fund Ltd (EGFL) in a move to drive the strategy and growth of its energy investments, a press release from the company said.
EEPLM and EOUKL are key energy assets in ECL’s investment portfolio, together accounting for a substantial part of EGFL’s energy exposure.
"Tripathi’s induction signals EGFL’s renewed interest in the energy sector. He will drive the investment strategy and play a key role in providing strategic direction to EGFL," the release said.
Tripathi, who was the Chairman and Managing Director of GAIL (India) for over a decade, is one of the foremost energy strategists in the country. He is credited with transforming GAIL into a multi-asset multinational portfolio company.
“A person of Mr Tripathi’s calibre is an invaluable addition to our leadership team. His exemplary track record in India’s energy sector will help EGFL grow and add significant value to our energy investments globally,” said Prashant Ruia, Director-Essar Capital.
“EGFL is among the only Indian funds whose investments straddle the entire hydrocarbon value chain, comprising upstream exploration and production, midstream refining and downstream retail globally. I look forward to contributing to the future direction of India’s oil and gas economy, in which Essar continues to be a key player,” said Tripathi.
EGFL has invested significantly in conventional and non-conventional oil and gas fields across the world through EEPLM, which manages these investments as an early stage developer. It has participating interests in conventional oil & gas acreages in India, Vietnam and Nigeria, with an overall resource base of 3.4 bboe (barrels of oil equivalent).
EEPLM, through its subsidiary Essar Oil & Gas Exploration & Production Ltd (EOGEPL), is India’s largest operator of unconventional hydrocarbon acreages located across key sedimentary basins in the country. These acreages have a resource base of 15 TCF (Trillion Cubic Feet) and includes both CBM (Coal Bed Methane) and shale reserves.
EOUKL is a leading UK-focussed downstream energy company whose main asset is the Stanlow Manufacturing Complex, one of the most advanced refineries in Europe and situated close to the major cities of Liverpool and Manchester. Stanlow is a key strategic national asset, annually producing over 16% of the UK’s road transport fuels, while playing an important part in Britain’s petrochemical industry by providing key feedstocks. EGFL’s strategic focus for EOUKL is to invest in the company with a vision to operate a sustainable refinery, which is carbon-neutral and capable of producing greener fuels for the future, including low-carbon hydrogen.