Essar Oil announces $250 mn capital expenditure for UK refinery

By: | Published: September 6, 2017 4:30 PM

Ruia brothers led Essar Oil UK on Wednesday announced its plans to invest $250 million in capital expenditure and maintenance at Stanlow refinery to boost production and revenues.

essar oil. essar group, essar oil refinery, essar capex, essar capital expenditure, industry newsThe Essar Oil refinery at Vadinar in Jamnagar district of Gujarat. (Reuters)

Ruia brothers led Essar Oil UK on Wednesday announced its plans to invest $250 million in capital expenditure and maintenance at Stanlow refinery to boost production and revenues. “Major investment in 2018 will increase annual throughput from 68 million to 75 million barrels,” the company said in a release here. Essar Oil UK Non-Executive Chairman Prashant Ruia in a statement said the major investment “we have confirmed in Stanlow will materially increase throughput and further grow revenues, building on the tremendous progress we have made in turning around the business over the past six years”.

“Essar has committed this year to a significant multi-million dollar capex investment in the Tiger Cub project at Stanlow to deliver improved yields across the product slate and drive revenue growth,” Chief Executive Officer S. Thangapandian said. Essar Oil UK owns and operates the Stanlow refinery complex, which produces over 16 per cent of transport fuels in the UK, the company said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition