Shrikant Madhav Vaidya on Wednesday took charge as the new chairman of Indian Oil Corporation (IOC).
Prior to his elevation, Vaidya was the Director (Refineries) on the IOC Board, since October 2019. He succeeds Sanjiv Singh, who has superannuated from the services of the Corporation on June 30.
Concurrently, Vaidya will also be Chairman of Chennai Petroleum Corporation, a stand-alone refining subsidiary of IOC and Indian Oiltanking Ltd. Vaidya who is on the board of Ratnagiri Refinery & Petrochemicals Ltd will be taking over as its Chairman and will also be Director on the Board of Petronet LNG.
A Chemical Engineer from the National Institute of Technology, Rourkela, Vaidya has over 34 years of experience in refining and petrochemicals operations. He has had a decade-long association with India's largest cracker plant – the Panipat Naphtha Cracker Complex, a major driver of IndianOil's petrochemicals business – right from the drawing board stage. He is among the select technocrats in the Indian oil & gas industry who are proficient in all facets of refinery-petrochemicals integration.
During his tenure as Director (Refineries) and earlier as Executive Director (Refinery Operations) at IndianOil, he presided over several refinery expansion and petrochemical projects. He also steered the timely rollout 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, and expanded the Corporation’s green energy offerings with projects related to biofuels and 2G/3G ethanol-blended fuels at its refineries.