Industry

Essar Oil UK posts 231% jump in profit

‘Stanlow Refinery investment helping’

Essar Oil UK, which owns and operate the Stanlow refinery in the U.K., posted a 231% jump in its half yearly net profit to $169 million, aided by a forex income of $25 million, deferred tax liability and strong refining margins.

Essar Oil UK, a subsidiary of Essar Energy Limited, posted an 18% jump in its revenues due to higher products prices and 45% jump in refining margins to $11 a barrel. “We have invested more than $800 million in the Stanlow Refinery since acquisition, towards improving environment standards and safety performance, improving product yields, and driving further upside by increasing throughput and unit margins. We have now started reaping the benefits of this investment,” said Essar Oil UK non-executive chairman Prashant Ruia. The company, in the next five years, plans to have 400 Essar branded retail outlets of which many would have charging points for EVs.

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Printable version | Jul 10, 2020 8:31:51 AM | https://www.thehindu.com/business/Industry/essar-oil-uk-posts-231-jump-in-profit/article22081941.ece

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