Essar Oil Ltd.

1989 
 
 - Essar Oil Limited was incorporated as a Public Limited Company
 under the Companies Act, 1956 on 12th September, with the main
 objective to provide Development, Exploration, Production and related
 Services in the oil & gas sector.
 
 - The main promoters of Essar Oil Limited are Essar Investments
 Limited, Essar Shipping Limited, South India Shipping Company
 Limited, Essar Gujarat Limited and a foreign co-promoter, Prime
 Finance Company Limited, and other NRI's associates and friends.
  
 - EOL was engaged in preliminary activities relating to bidding for
 oil & gas fields as well as advising the Energy and Offshore
 divisions of Essar Gujarat Limited on technical matters relating to
 their operations.
 
 - The Company is a member of Essar group.
 
 1990 
 
 - The Exploration and Production Division was set up for the purpose
 of Oil & Gas exploration activities.
 
 1992 
 
 - The company became a wholly owned subsidiary of Essar Gujarat
 Limited (hereinafter referred to as `EGL') in March.
 
 - The Company has obtained `No objection certificate from Gujarat
 Polution Company Board vide letter N. PC/jmn - 105/02484 dated 19th
 November
 
 - The Chennai Investments (India) Limited, is a subsidiary of EOL.
 
 - The Company is presently divided into three main divisions
 comprising of Energy, Offshore and Exploration & Production divisions
 and is in the process of setting up a new Refinery division. 
 
 - The Company has India's largest private sector fleet of drilling
 rigs.  The Energy Division has drilled the deepest well in Asia to
 the depth of 6700 Mtrs. in Himachal Pradesh.
 
 - EOL proposes to enter into an MOU for operation and maintenance
 services for the Refinery with an affiliate company, Essar Refineries
 Limited which in turn will enter into a tie-up with an international
 refining company providing technical back-up services and key
 personnel
 required for successful operation and maintenance of the Refinery. 
 
 1993 
 
 - EOL is the first drilling Company in India to secure international
 drilling contracts against international competitive bidding. 
 
 - The Energy Division obtained the President's award for safety in
 onshore operations and a Silver award for safety (accident
 prevention) in Offshore operations, based on its performance in 1992,
 from the International Association of Drilling Contractors which is an
 association of leading international drilling contractors. 
 
 - EOL has signed a Memorandum of Understanding with UOP Inter
 Americana, USA (UOP), for providing major process technologies.
 
 1994 
  
 - In June, the Board of Essar Gujarat Limited proposed to transfer
 the entire shareholding of Essar Oil Limited to Essar Investments
 Limited (hereinafter referred to as `EIL') for various business and
 strategic reasons.
 
 - EOL proposes to import crude oil by Tankers and VLCCs of capacities
 240,000 - 300,000 DWT.  EOL shall develop dedicated marine and shore
 facilities at Vadinar port for receipt of crude oil, storage and
 transportation to Refinery site.
 
 - EOL proposes to install a marketing terminal in the Refinery
 complex with adequate facilities.
 
 - EOL has entered into an MOU with Essar Gulf for the supply of crude
 oil to EOL in the event of decanalisation of crude imports, at market
 based prices, as per principles and procedures to be mutually agreed
 at a later date.
 
 1995 
 
 - EOL has entered into a contract with Essar Gulf FZE (Essar Gulf), a
 company based in UAE for supply of imported equipment.
 
 - EOL has entered into a contract with Essar Projects Limited a group
 company, for supply of indigenous Equipment and Materials and for
 construction and erection of all Equipment at site.
 
 - The Company entered into an MOU with Government owned public sector
 oil company, Indian Oil Corporation Limited for marketing and
 distribution of its products.
 
 - The Company has issued 45,000,000 Warrants to Essar Investments
 Limited which give right to EIL to exercise the option to subscribe
 for 45,000,000 equity shares of the Company at a price of Rs 25/- per
 share.  The paid up share capital and share premium would increase by
 Rs 450,000,000 and Rs 675,000,000 respectively.
 
 1996 
 
 - The Equity Share capital has increased due to the allotment of
 3,70,01,400 Equity Shares and conversion of Part A of 11,29,18,953
 Optionally Fully Convertible Debentures into Equity Shares allotted
 on April 24, 1995 pursuant to Public Issue, which are eligible for
 pro-rata dividend. 
 
 - The energy division has made entry into Qatar with a three year
 contract from Qatar General Petroleum Corporation for our deep Rig.
 
 - It is proposed to produce 87 million barrels of oil and about 1
 billion cubic metres of associated gas.
 
 - A Marketing division has been set up to source, handle and market
 petroleum products for the group in line with the Government's policy
 from time to time.  The Division is also engaged in LPG trading
 activities and operates LPG and NGL installations at Hazira for
 supplies to Steel & Power plants apart from trading.
 
 1997 
 
 - Essar Oil has joined the National Securities Depository Limited
 (NSDL).
 
 - Essar Oil Ltd has decided to hike its petroleum refinery capacity
 at Vadinar in Gujarat from nine million tonnes to 10.5 million
 tonnes.
 
 - Essar Oil, the Essar oil company, has recently been awarded the
 exploration rights for two new oil blocks, the Cambay basin and the
 Cachar.
 
 - The Exploration and production (E&P) division of the company has
 also signed production sharing contracts for three more exploration
 blocks-two onshore blocks in Rajasthan and one offshore in the Mumbai
 offshore basin.
 
 - Essar Oil is the first and only Indian company to enter the
 international market for contract drilling services through its
 energy division.
 
 - The government is set to award the prized Ratna R series oil field
 in Maharashtra to Essar Oil for oil exploration activity.
 
 - Essar Oil Ltd is raising the installed capacity of its refinery at
 Jamnagar by 1.5 million tonne per annum, resulting in additional
 investment of Rs 465 crore in the project.
 
 - Essar Oil has also entered into a memorandum of understanding (MoU)
 with IOC where the oil-PSU will market the products from the Vadinary
 oil refinery.
 
 - Kandla Port Trust (KPT) has entered into an agreement with Essar
 Oil Limited for setting up major facilities for handling POL, under
 the existing schemes of private participation.
 
 - Essar Oil Ltd and Reliance Petroleum Ltd have sought 13 per cent
 equity each in a proposed pipeline joint venture.
 
 1998
 
 - The Ruias-owned Essar Oil (EOL) has forged alliances with three
 foreign oil companies and Hindustan Oil Exploration Company (HOEC)
 for joint exploration activities in the country.
 
 - The company has initiated a marketing agreement with the
 public-sector Indian Oil Corporation (IOC), according to which, 50
 per cent of the offtake from the refinery would be through IOC, and
 the balance through BPCL.
 
 1999
 
 - Essar Oil has unveiled plans to raise the capacity of its refinery
 to over 21 million tonnes a year.  The refinery will produce aviation
 turbine fuel (ATF), high speed diesel, superior kerosene oil, naphtha
 and liquefied petroleum gas (LPG).
 
 - Essar Oil's delayed equity payment in Petronet India's
 Vadinar-Kandla pipeline could adversely affect the schedule of debt
 disbursement for the project.
 
 - Crisil downgraded Rs 765-crore (Rs 7.65 billion) worth of
 non-convertible debenture issues of Essar Oil to C from BB plus as
 the company had not tied up funds for a project.
 
 - Essar Oil and Bharat Petroleum Corporation (BPCL) have hired
 PriceWaterhouseCoopers and SBI Caps to independently evaluate the
 Ruias-promoted refinery and expedite the process of the latter buying
 an equity stake in the company.
 
 - Essar Oil picked up 6.5 per cent of the Petronet VKP's equity (65
 lakh shares) for a consideration of Rs 6.5 crore.a
 
 2000 
 
 - Essar Oil proposes to hive off its drilling division into a
 separate entity.
 
 - Jagdeesh Mehta is the new Managing Director of Essar Oil.
 
 - Essar Oil Ltd. has appointed Mr. Prashant S. Ruia as Director in
 place of Mr. A.S. Ruia.
 
 2001
 
 - Essar Oil Ltd’s 10.5 million metric tonne refinery at Vadinar in
 Gujarat has achieved financial closure and is at an advanced stage of
 complying with certain pre-disbursement conditions stipulated by the
 financial institutions (FIs) and banks
 
 2002
 
 -Decides not to acquire 33.59% government shares in IBP company Ltd.
 
 -Financial Institutions ask for revamping before sanctioning loans to
 the sick oil company.
 
 -IDBI approves for restarting the work at Essar oil refinery project
 at Vadinar, Gujarat.
 
 -Mr V  R Sahasrabuddha appointed as the nominee of debenture -
 trustees (ICICI Ltd).
 
 -Government declares the application for marketing of motor spirit
 and high speed diesel as unsatisfactory.
 
 -ONGC, Essar and Reliance receives authorisation from government to
 sell petrol and diesel.
 
 -Discloses shareholding according to Sebi Regulations, 1992.
 
 -Changes its trustees according to Sebi Regulation, 1993 - according
 to which the lenders of the company cannot continue as trustees.
 
 -Negotiates with PSU refineries to source products for its entry into
 retail marketing of petro products.
 
 -Gets permission from Registrar of companies to extend the financial
 year by six months.
 
 2003
 
 -Asks Petroleum Ministry to intervene for completion and start of its
 vadinar project and asks for equity participation in the project by
 unwilling IOC.
 
 -Shareholders approve for the arrangement of sale of Energy Division
 to Bin Jabr group Ltd, an oil and gas service provider based in Abu
 Dhabi.
 
 -Shri E B Desai, Director and Shri P S Teckchandani, Wholetime
 Director retire from their respective offices and ceases to be the
 director.
 
 -The delay in completing the project compelles the company for the
 payment of interest to its debenture holders.
 
 -Finally persuades its lenders to agree on the financial revamping
 for its 10.5m tonne refinery project at Jamnagar.
 
 -Concludes the sale of its energy division to Abu Dhabi  for a total
 consideration of $0.6m.
 
 -Asks debenture holders to wait for 22 years more to take back their
 money.
 
 -Started marketing imported products. The first consignment of
 imported HSD already arrives.
 
 -Gets corporate debt restructuring groups approval to restart its
 vadinar project.
 
 -Appoints Mr R K Chavali as the Nominee on the Board of the company
 in place of Mr Kamal Kishore.
 
 -Gets the nod to struck Ratna and R-series oilfield contract.
 
 -Board approves for the issue of equity shares upto Rs.1300cr on a
 preferential basis to ABB Lumus.
 
 -Tenders to acquire the stakes from the other holders of Petronet
 Central India, which is a petroproduct pipeline company.
 
 -Sets up its first retail outlet at Devrukh in Ratnagiri District of
 Maharashtra.
 
 -Essar adjourns meeting of its holders of fully paid 14% secured
 redeemable non-convertible debentures of Rs.105/- each holding more
 than 2000 debentures.
 
 -Shareholders approve for the following at the EGM:
 Increase in authorised share capital from Rs 15000 million to Rs
 20000 million
 Issue/allotment of equity shares/FCCBs/and/or any other financial
 instrument convertible into equity shares to ABB Lummus and/or
 promoters on preferential issure basis for an amount not exceeding Rs
 13000 million. 
 Issue and allotment of equity/other financial instruments for an
 amount not exceeding US$ 250 Mn through Public/Euro issue.
 Voluntary delisting of equity shares from the DSE, CSE, MSE, ASE, VSE
 and SKSE
 
 -Divides Petromarketing Biz into two entities called 'retail' and
 'institutional'.
 
 -The company has  bagged a tender for diesel supplies to the
 Bangalore Metropolitan Transport Corporation (BMTC), which runs a
 fleet of 2,959 buses in the garden city. 
 
 -Essar Oil Ltd and Castrol India Ltd on December 11, 2004, signed an
 agreement for sale of Castrol lubricants through Essar Oil fuel
 outlets throughout the country
 
 2005
 
 -Essar Oil inks deal with Myanmar for exploration
 
 2006
 
 -Essar Oil joins hand with US firm for CBM exploration
 
 2007
 
 -Essar Oil mulls to raise $100mn via ECB
 
 2009
 
 - Essar Oil inked a Product Sale, Purchase and Infrastructure Sharing
 MoU with Indian Oil Corporation.
 
 2010
 
 -Amalgamation of the 100% subsidiary, Essar Oil Vadinar Ltd. with
 Essar Oil ltd.
 
 -Essar Oil declared winner of four Coal Bed Methane blocks.
 
 -Essar of India has for the first time won a contract under the open
 tender system (OTS) to import crude oil for processing at its
 Mombasa-based refinery. 
 
 2011
 
 -Essar Oil initiates gas production from CBM block
 
 -Essar Oil Limited announced the appointment of Naresh Nayyar as
 Deputy Chairman and Lalit Kumar Gupta as Managing Director and Chief
 Executive Officer.
 
 2012
 
 -Essar Oil commences production of VG grade bitumen by processing a
 judicious mix of crudes and blending components.
 
 - Essar Oil - L&T sign MoU for bitumen supply
 
 2013
 -Essar Oil launches its new E&P office at Durgapur.
 -Essar Oil Ltd has won the prestigious SKOCH Renaissance Award for
 Environment & HRD for its environment management project at its
 state-of-the-art refining complex in Vadinar, Gujarat. 
 -Essar Foundation joins hands with CINI to launch Aanchal,a
 comprehensive project for empowering adolescent girls.
 
 2014
 -Rosneft and Essar signed key terms of oil and oil products supplies
 to Essar refineries in India. 
 
 2015
 -Essar oil has started the operations at its refinery at Vadinagar in
 Gujarat, after a period of 1 month of shut down