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.

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