Essar Oil (UK), which owns and operates the Stanlow Refinery, has announced record figures for the first six months of its financial year up to September 30, 2017.
It also expanded its UK retail network of Essar-branded petrol stations to 42 sites in the six-month period, which has further grown to 46 in December.
The company reported record EBITDA for a six-month period at $264m versus $118m in in the same period the year before, and record profit after tax for a six-month period of $169m versus $51m in the same period a year ago.
The company also reported good progress on its plans to invest $250m in capex and maintenance at Stanlow in the current financial year to increase annual throughput from 68 million to 75 million barrels.
Essar Oil UK chief executive officer, S Thangapandian, commented: “To further develop the Essar Oil UK business, we continued the roll-out our UK retail network, grew the direct supply of aviation fuel to major airlines and have started leasing storage in Rotterdam, together with blending and jetty infrastructure, in order to cater to gasoline export markets directly. With the strong focus on Health and Safety across our entire organisation, we look forward to delivering a safe and successful Turnaround in 2018 and completion of Project Tiger Cub which will increase throughput, reduce crude costs and drive revenue growth.”
The Stanlow Refinery produces 16% of UK road transport fuels, including 3 billion litres of petrol, 4.4 billion litres of diesel and 2 billion litres of jet fuel per year.
No comments yet