Essar Energy, which supplies 18% of the UK’s petrol and diesel, says it is on course to add almost £2bn to the UK economy within the next decade.
The Indian energy firm’s In Country Value Overview Report details that Essar will add £1.9bn in annual economic growth to the UK by 2035, partly thanks to its Stanlow facility being one of only four refineries in the nation.
Last year alone Essar collected 0.7% of the UK’s VAT receipts and 13% of all fuel duty, sending £4.2bn to the Treasury in the process.
The firm’s economic contribution over the coming decade will be made via investment in various fields, including energy infrastructure, carbon capture and electrification. Projects including a hydrogen hub, carbon capture, and sustainable aviation fuels will see Essar invest £4.3bn globally, with 50% of this going into UK projects.
Deepak Maheshwari, Essar’s chief executive, says his firm is “a vital national economic engine”, adding that it is “at the heart of the North West’s prosperity, supporting nearly 5,000 jobs across the UK economy and directly supporting local families, with our direct workforce salaries double the national average”.
