Essar Oil UK has recorded high EBITDA of $340 million in the financial year ended March 31, 2016, as compared to an EBITDA of $177 million in the previous fiscal. Stanlow produces over 16 per cent of the UKs transport fuels, serving north-west part of the UK. EBITDA was negative $17 million in FY12 ,said Naresh Nayyar, executive chairman, Essar Oil UK. Net profit in FY16 is about $187 million as compared to $70 million in the previous fiscal.
Essar has also recently entered into fuel retail in England, opening seven fuel service stations, and plans to raise the number to 400 in three years with the objective of obtaining 10 per cent of market. We have basically optimised refinery configuration to deliver better yields,he said,adding that higher margin yielding petrol and diesel production has been increased. Also, the refinery is processing 25 new crude oils that give price and yield advantage instead of Shells policy of relying only on North Sea grades that did not offer better economics all the time.
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