Stanlow ups Essar Energy earnings 18%
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Essar Oil UK employs 1,035 people directly, plus 500 contractors and 5,000 indirectly employed through the extended value chain.
It brought in a small handful of people from its Vadinar refinery business in India, retained most of the Stanlow senior management team, attracted some experienced new recruits, and ensured the existing workforce remained committed by mirroring the previous owner's conditions and rewards.
A new CEO was appointed to Essar Oil UK - Volker Schultz-after 23 years at BP.
An extensive programme of projects is well under way to make the refinery more sustainably safe, reliable, profitable and growing, the company said.
Essar Energy reports 18 pc rise in core earnings
Essar Energy plc, an India-focused integrated energy company, today reported a 18 per cent rise in core earnings in the six months ended September 30 on back of its British Stanlow refinery turnaround. The London-listed firm said operational earnings before interest, tax, depreciation and amortisation (EBITDA) was USD 383 million in April-September.
The company, which recently changed its accounting period, had USD 324 million EBITDA in first half of previous fiscal.
Essar said Stanlow, the second largest UK refinery which Essar acquired from Royal Dutch Shell last year, had operational EBITDA of USD 197 million in the first half.
Group revenue went up by 97 per cent to USD 12.8 billion primarily due to higher refining revenues in India from higher capacity and revenue due to the acquisition of Stanlow," the company said in a press statement said.
Essar said its Vadinar refinery in Gujarat is now operating at 20 million tonnes per annum capacity after all expansion units were ramped up and stabilised. The unit earned USD 6.41 on turning every barrel of crude oil into fuel in H1 as against a gross refining margin (GRM) of USD 4.75 per barrel a year ago.