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 also been appointed as the Group’s Director - Strategy and Planning in the UAE. Based in the Group’s Mumbai office in India, he will lead 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.
Although Renish's Mumbai base was opened last year, the Group has been an exporter of petroleum products to the Indian market for several years.
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 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% 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 a report by Aruvians Research, titled ‘Analyzing the Global Oil & Gas Storage Industry,’ the lack of storage infrastructure in major oil-consuming states such as India and China is one of the main factors behind the expanding regional oil storage industry.
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.”
Mehra added: “I embrace my new responsibilities in the organisation 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 strategise and establish new frameworks that will enable us to capitalise on opportunities and confront new challenges head-on.”
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