February 05, 2018 – Industry experts are optimistic that the oil and gas storage industry in some key global markets is poised for significant increase driven by strong oil demand, vibrant logistics activity in the oil and gas, and robust international and domestic trade activities. The international oil storage sector is projected to rise at a compound annual growth rate of 4.2 per cent from 2017 to 2023 as per the report of the Allied Market Research firm.
Southeast Asia is one of the leading global markets with considerable growth potential. According to the report by Aruvians Research titled ‘Analyzing the Global Oil & Gas Storage Industry,' the lack of storage infrastructure in major oil-consuming states such as China is one of the main factors behind the expanding regional oil storage industry.
Amidst the background of the booming oil storage sector in the region, Renish Group, a fast-growing company in the oil storage space, has announced the appointment of Rakesh Mehra as its new CEO for Southeast Asia. Mehra has been appointed as the Group's Director - Strategy and Planning in the UAE as well. He now leads the Group's overall growth and key operations in Southeast Asia, while concurrently spearheading the creation and implementation of its strategic business plans in the Emirates.
Mehra has built a strong track record in the field of oil and gas. He has led multidisciplinary teams and demonstrated effectiveness in managing diverse groups and strategic vision for the management of change and development within businesses. A motivational leader who has consistently delivered exemplary results, he is known for clearly defining mission and goals; effectively aligning people and resources as needed; and efficiently supervising rapid network expansion, infrastructure development, and strategic planning programs.
Mehra, post his super-annuation from Bharat Petroleum Corporation Ltd. (BPCL), worked as strategic advisor and consultant for several companies in Mumbai, India. In his noteworthy six years stint as BPCL's Head of International Trade, he oversaw the import of nearly 28 million tons of crude oil, import-export of petroleum products, and commodity hedging. His efficient handling of International Trade led to a significant increase in the corporation's profitability.
Hitesh Mehta, Managing Director, Renish Group, said: “Rakesh's appointment forms part of the Group's fundamental initiatives aimed at strengthening its relations with its customers and suppliers in Southeast Asia, one of our most important markets, and other parts of the world. Aside from being at the forefront of establishing robust ties with our local partners in the region, he is also going to be hands on in formulating Renish Group's strategic plans. His valuable contributions and capabilities will be instrumental in our bid to further achieve a more sustainable growth and development and deliver quality service to our international clients.”
“I embrace my new responsibilities in the organization with more enthusiasm and eagerness and even greater resolve and dedication to the Group's overall growth agenda in the midst of the ever-evolving industry. I look forward to closely collaborating with my team members to better strategize and establish new frameworks that will enable us to capitalize on opportunities and confront new challenges head-on,” Mehra commented.
Renish Group's vision is to be a diversified, transnational, integrated energy trading company, with regional leadership and strong conscience for the environment. It plays an important role in responsibly connecting products to the end users by exploring the supply chain value.
Incorporated in 2006 by Mehta, it is now a USD 600-million company with operations spread out globally. The Group runs offices in Dubai, India, and Singapore. Renish Group is adding new storage capacity tank in Hamriyah Free Zone in the UAE to meet the ever-growing demands of its customers.