GK Satish, 62, is the primary Indian to be appointed to the board of Rosneft. (Representational)
New Delhi:
Russian power big Rosneft has appointed a former Indian Oil Company (IOC) director to its board in indicators it might be boosting commerce hyperlinks with India.
GK Satish, who retired as director for enterprise improvement at IOC in 2021, is among the three new faces appointed to the 11-strong board of administrators of Rosneft, in accordance with a press release issued by the Russian agency.
Mr Satish, 62, is the primary Indian to be appointed to the board of Rosneft.
Rosneft has partnerships with GK Satish’s former firm in oil and gasoline fields in Russia. It additionally sells crude oil to IOC and different Indian companies and has in current months began delivery naphtha to Gujarat refiners.
His appointment assumes significance as Rosneft is now eyeing extra offers with Indian companies together with the sale of liquefied pure gasoline (LNG).
Mr Satish, who has deep perception into the Indian oil and gasoline market and has experience in petroleum product advertising, petrochemicals, LNG and worldwide commerce, is among the 5 impartial administrators on the Rosneft board.
Throughout his stint on the IOC board starting September 1, 2016, Satish was additionally chairman of IndianOil Adani Fuel Pvt Ltd – the three way partnership IOC had fashioned with Adani Group for retailing CNG and piped cooking gasoline. That enterprise helped Adani Group catapult into metropolis gasoline and it’s now the most important operator.
Rosneft stated its shareholders on the annual common assembly on June 30 elected a brand new board of administrators consisting of 11 members. Igor I Sechin, a confidant of Russian President Vladimir Putin, continues to be the CEO and chairman of the administration board of Rosneft.
Different members appointed embrace “Govind Kottis Satish, Managing Director, Worth Prolific Consulting Companies Pvt Ltd (ValPro),” it stated.
ValPro is the agency that Satish joined as Managing Director in 2022. ValPro advises on mergers and acquisitions and funding banking. Former IOC chairman MA Pathan is on its board of advisor and its prime administration embrace former IOC executives.
Russia sells about 2 million barrels per day of crude oil or 100 million tonne on an annualised foundation, to Indian companies.
Rosneft has a time period deal to promote 6 million tonne a yr of crude oil to Satish’s former firm and is eyeing related offers with different state-owned refiners together with Bharat Petroleum Company Ltd (BPCL) and Hindustan Petroleum Company Ltd (HPCL).
Rosneft can be a majority proprietor of Nayara Power, which operates a 20 million tonne a yr refinery at Vadinar in Gujarat and owns over 6,300 petrol pumps within the nation.
IOC alongside Bharat PetroResources Ltd (a unit of BPCL) and Oil India Ltd in 2016 purchased a 23.9 per cent stake in Rosneft’s Vankor oilfield for USD 2.02 billion. The consortium additionally took a 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion.
IOC is India’s largest importer of Russian oil and the one firm with a long-term supply deal in place with Rosneft.
Rosneft board consists of representatives from Qatar and the Philippines.
“Mohammed Bin Saleh Al-Sada (chairman of the board of trustees of Dohal College of Science and Expertise) has been elected Chairman of Rosneft Oil Firm Board of Administrators,” Rosneft stated.
(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
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