OREANDA-NEWS. July 12, 2011. Essar Oil Limited (EOL) reports strong financial performance, with quarterly gross revenues increasing by 37% to Rs 16,478 crore from Rs 12,048 crore in Q1 FY 2010-11.

Quarterly EBITDA was at Rs 913 crore, a growth of 124% from Rs 407 crore in the corresponding quarter of last fiscal year

Quarterly PAT was at Rs 469 crore, compared to a loss of Rs 70 crore in Q1 FY 2010-11. 

Quarterly Current Price GRM (CP GRM) registered a 27% growth to USD  7.38 /bbl compared to USD  5.79/bbl in Q1 FY 2010-11.

Refining

Vadinar Refinery achieved quarterly throughput  of 3.62 MMT (million metric tonnes), signifying over 135% capacity utilisation

Phase I expansion project, which will increase the refining capacity from 14 MMTPA to 18 MMTPA and complexity from 6.1 to 11.8, is 92% completed:

Isomerisation Unit and many other units achieved mechanical completion in the quarter

Rest of the units, excluding DCU, to achieve mechanical completion in Q3 of CY 2011

Start-up activity of all expansion units to commence in phases during Q3 & Q4 of CY 2011

35-day shutdown planned, starting 18 September 2011, for tie-in of new units

Revamp of CDU, FCCU & SRU to be completed during this shutdown 

Optimisation project to enhance refinery capacity to 20 MMTPA on track; 56% already completed and mechanical completion by September 2012

Refinery continues to maintain excellent safety track record, with 1,185 Lost Time Incident (LTI) free days as on 30 June 2011

Marketing

Essar Oil has 1,639 retail outlets, including operational and under construction outlets

On the back of high crude prices, HSD & MS pricing at outlets maintained higher than PSUs 

Company increasing focus on non-fuel retailing at its outlets 

Four CNG stations commissioned

Tapping the opportunity of retailing Auto LPG & CNG in Essar Oil outlets through tie-ups with Aegis Logistics, Sabarmati Gas, GAIL India and Adani Gas.

Formed new non-fuel retail alliances with Kerala Tourism, Rajasthan Tourism, Heritage Foods and United Phosphorus Group

Exploration & Production

Raniganj CBM to start commercial sales shortly post statutory approval; block generating controlled production of about 33,000 scmd

All supporting infrastructure for delivery of gas to customers completed

Tie-ups with local customers at Durgapur Industrial Estate