New Delhi: Former CMD of GAIL (Gas Authority of India Limited) BC Tripathi has joined Essar Group as Non-Executive Chairman of EEPLM (Essar Exploration and Production Ltd Mauritius), and as a member on the board of Essar Oil UK on Tuesday. The appointment has been made by the investment manager of EGFL (Essar Global Fund Ltd), Essar Capital Ltd. "Mr BC 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," an official statement from Essar said.
"A person of Mr BC 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," Prashant Ruia, Director, Essar Capital, said in a statement. Tripathi was the youngest person to become the CMD of an oil and gas PSU when he took charge of the post in August 2009. He completed his seco0nd term as GAIL CMD in July 2019. Tripathi was eligible for an extension till the date of his superannuation in January 2020 but it was not approved.
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 and 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 include 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 percent 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.