Shrikant Madhav Vaidya takes over as Chairman of Indian Oil Corporation

New Delhi, July 1

Shrikant Madhav Vaidya on Wednesday took over as the chairman of Indian Oil Corporation Ltd (IOC), nation’s biggest oil firm.

He succeeds Sanjiv Singh, who retired on June 30.

IOC in a statement said Vaidya will also be the chairman of Chennai Petroleum Corporation Ltd, a stand-alone refining subsidiary of IOC, and Indian Oiltanking Ltd, a joint venture providing terminalling services.

He will also take over as the head of Ratnagiri Refinery & Petrochemicals Ltd and also be a director on the board of Petronet LNG Ltd.

Prior to his elevation, Vaidya was the director (refineries) on the IOC board, since October 2019.

“A chemical engineer from the National Institute of Technology, Rourkela, Vaidya has over 34 years of extensive experience in refining and petrochemicals operations,” the statement said.

He has had a decade-long association with India’s largest cracker plant—the Panipat Naphtha Cracker Complex.

“He is among the select technocrats in the Indian oil & gas industry who are proficient in all facets of refinery-petrochemicals integration, desirable for the sustainability of the oil and gas industry in the long-term,” it said.

During his tenure as director (refineries) and earlier as executive director (refinery operations) at IOC, Vaidya presided over several refinery expansion and petrochemical projects.

He also steered the timely roll-out of BS-VI grade auto fuels across the country, commenced supply of IMO-compliant bunker fuel (0.5 per cent sulphur), and a special winter-grade diesel for the high-altitude regions of the Himalayas.

Also, the company’s green energy offerings were expanded with projects related to biofuels and 2G/3G ethanol-blended fuels at its refineries. PTI