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Essar Energy margins at Stanlow refinery drop due to weak prices

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 per cent to 19.27 million barrels.

Current price gross refining margins at the 296,000 barrel per day Stanlow refinery in northwest England fell to $4.86 per barrel from $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 year 2013-14.

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 Rs 1,106 crore for the quarter ended June 30 compared with a loss of Rs 178 crore (with respect to $1 = Rs 61.4250)

Copyright @ Thomson Reuters 2013