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Home » Business » Essar Oil declares $250 ml capex for UK refinery to improve yields, revenues

Essar Oil declares $250 ml capex for UK refinery to improve yields, revenues

By Newsd
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Essar Oil that owns and operates Stanlow Refinery confirmed significant capex investment and reported strong Q4 figures and financial results for the financial year ending March 31st 2017. Stanlow margins over the KBC Benchmark improved to $4.2/bbl in FY17 due to continuing margin booster initiatives, regardless of the industry benchmark dropping $2.1/bbl from the previous year.

The refinery, which as a key national asset produces 16% of the UK’s road transport fuel demand, processed 9.09 MMT of crude, a 1.3% increase on the previous year’s 8.97 MMT.

Essar Oil non-executive chairman, Prashant Ruia, said, “The major investment we have confirmed in Stanlow will materially increase throughput and further grow revenues, building on the tremendous progress we have made in turning around the business over the past six years.  It also demonstrates Essar’s commitment to remain invested in the oil and gas sector.”

Chief Executive Officer, S Thangapandian noted that, “Essar has committed this year to a significant multi-million dollar capex investment in the Tiger Cub project at Stanlow to deliver improved yields across the product slate and drive revenue growth. In addition, the continued ambitious expansion of our UK retail network and direct aviation fuel supply business are also important strategic elements in the drive to build a fully integrated downstream energy company.  This is on the back of a strong FY17 performance, following record results posted the previous year.”

Including FY18, Essar have invested more than $800 million since acquiring Stanlow in July 2011.