Essar Oil Limited, which has declared commercial production of its 10.5 MMTPA refinery from May 1st, 2008, has reported a gross sales of Rs. 10,132 crore during the first two months of its commercial operations. The company reported EBITDA of Rs. 664 crore and a cash profit of Rs. 434 crore for the quarterending June 30, 2008.
Speaking on these results, Mr Naresh Nayyar, Managing Director, Essar Oil Limited said that operations at its refinery were at 115 % of the installed capacity and the performance was very gratifying.
The company is in the process of expanding the existing refinery capacity from 10.5 MMTPA to 34 MMTPA at an investment of US$ 6 billion. The expansion to 16 MMTPA is under Essar Oil whereas a new 18 mmtpa facility is being implemented under Essar Oil Vadinar, a wholly owned subsidiary of Essar Oil.
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