Nayara Energy Appoints Alessandro Des Dorides as New CEO Amid Controversy
Nayara Energy, India's largest private fuel retailer, has appointed Alessandro Des Dorides as its new CEO, succeeding Alois Virag, whose term concludes on March 31, 2024. The appointment comes amidst Des Dorides' notable background, having previously served as the head of oil trading at Eni, although his tenure ended amid controversy related to illegal Iran oil trade.
In 2019, while at Eni, Des Dorides oversaw a transaction where the company purchased oil purportedly from Iraq, but later discovered it originated from Iran, potentially violating US sanctions. Subsequently, Des Dorides was dismissed from his position.
However, Nayara Energy's statement on the appointment omitted any reference to Des Dorides' past at Eni. Instead, it emphasized his extensive experience in the energy sector, spanning over 24 years, and highlighted his expertise in global energy markets, strategic planning, and risk management.
Des Dorides, a graduate in Economics from Sapienza University of Rome with an MBA from SDA Bocconi, brings a wealth of experience that Nayara believes will contribute to its growth trajectory. The company, backed by Russia's Rosneft, operates a substantial network of nearly 6,600 petrol pumps across India and runs a significant oil refinery in Gujarat with a capacity of 20 million tonnes annually.
Prasad Panicker, Chairman of Nayara Energy, expressed confidence in Des Dorides' leadership, stating that his diverse background in the energy industry will steer the company into its next phase of growth. Despite the challenges posed by Des Dorides' past, Nayara Energy remains optimistic about his ability to guide the company towards exceeding expectations.
With Des Dorides at the helm, Nayara Energy aims to continue expanding its presence in refining, retail, petrochemicals, and sustainable energy businesses. The appointment signals a strategic move for the company as it navigates through the complexities of the energy market while focusing on sustainable growth under new leadership.
