Margins fall at Essar Energy's Stanlow refinery
Essar Energy Plc said first-quarter refining margins at its Stanlow refinery in the UK fell by more than a third due to weaker diesel and jet prices relative to gasoline.
August 16, 2013 / 21:08 IST
Essar Energy Plc said first-quarter refining margins at its Stanlow refinery in the UK fell by more than a third due to weaker diesel and jet prices relative to gasoline.
The London-listed power, oil and gas arm of privately owned Indian conglomerate Essar Group, said throughput at its Stanlow refinery fell about 2 percent to 19.27 million barrels.Current price gross refining margins at the 296,000 barrel per day Stanlow refinery in northwest England fell to USD 4.86 per barrel from USD 7.53 a year earlier.The company said preparations were at an advanced stage for a turnaround at Stanlow in the second half of fiscal 2014.Essar Energy's oil refining unit and India's second largest private refiner, Essar Oil , earlier this week reported earnings before interest, taxation, depreciation and amortisation of 11.06 billion Indian rupees for the quarter ended June 30 compared with a loss of 1.78 billion rupees.Also Read: Essar Oil eyes reasonable debt/EBITDA figures in next 2yrs Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
