Essar Oil (UK) has reported increased revenues for the year ending March 31, despite operating its Stanlow Oil refinery for only nine months in the financial year due to a shutdown period involving upgrade work.
Revenues were 10.2% up at $5.4bn versus $4.9bn the previous year despite a 20.9% fall in throughput from 9.09MMT to 7.19MMT. Profit after tax was down 4.2% to $161m, compared with $168 the previous year.
Essar Oil UK chairman, Prashant Ruia, said: “Stanlow has emerged as a top tier refinery in Europe, with 16% market share in the UK and a growing presence in the retail and aviation sectors. We will continue to make proactive investments in technology to build a sustainable business that remains competitive in the rapidly changing global energy market.”
Essar Oil UK chief executive officer, S. Thangapandian, commented: “Overall, this was a robust performance following a record breaking first six months of the financial year. The major turnaround proved a complex and challenging period and we will ensure all learnings are rigorously understood and implemented for the future.”
Essar Oil UK chief financial officer, Sampath P, said: “Despite the significant capex investment and planned reduction in throughput due to the turnaround, the company still posted an EBITDA of above $300m for the third consecutive year and a profit after tax of $161m.”
In its report with the accounts the company said its Essar network has grown to over 50 stations since entering the UK retail market. The first company owned, flagship site will open opposite the Stanlow Refinery later this year.