Russian oil major Rosneft-backed Nayara Energy has appointed Prasad K Panicker as Chairman, the firm said. Prasad K. Panicker will take on the role from Charles Anthony Fountain, who was at the helm for five years.

"Under Charles, the Company has established highly effective corporate governance systems, enhanced its external reputation and put in place a very strong executive team under the leadership of a highly experienced CEO, Dr. Alois Virag” Nayara Energy said in a press statement.

Nayara has implemented phased expansion into petrochemicals as part of which, the first phase of expansion into polypropylene, will be delivered next year. "In his new role, Prasad will deploy his technological experience and knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with strong focus on development projects", the company added. Prasad will also continue with his role as Head of Refinery, which will support implementation of Nayara Energy's development program.