Essar Oil UK, which owns and operates the Stanlow Refinery on the south side of the Mersey Estuary near Liverpool, has reported its highest ever profit.

The company, which reports its results in US dollars, said it made a profit after tax of $70m for the year to the end of March, compared with a loss of $121m for the previous year.

It reported that during the year Stanlow Refinery, which it says meets about 15% of the UK’s transport fuel demand, processed 8.54 MMT of crude, an 18% increase on the previous year’s 7.24 MMT which had included a major site maintenance turnaround.

Gross revenues for the year stood at $7.615bn, an 11% drop compared with $8.569bn the previous year, and said this was largely due to the lower crude oil price which fell 21% year on year average.

Essar Oil UK chairman Naresh Nayyar commented: “This was a significantly better year for us. It is heartening to note that the impact of several initiatives taken at the site in recent years is now being reflected in the operational and financial performance of the company. I am confident the business will continue to improve its performance. We also take pride in saying that the company delivered 100% product availability to our customers throughout the period, significantly contributing to energy supply security in the region.”