Essar Oil plans to to replace its rupee borrowings with dollar borrowings in order to reduce interest cost and extend the maturity period of its debt. The reduction in interest cost is expected to boost returns from the refinery business of the firm. The company increased borrowing to finance its refinery expansion project, which was completed in March 2012. It raised its refinery capacity to 20 million tonne per annum and complexity to
Tag: Essar Oil
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Best performer
Virendra Singh Jain has been appointed as an independent director of Essar Oil. With an experience of over three decades at the helm of public and private sector enterprises, including two Maha¡ratnas, his wide ranging experience and financial expertise
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Essar Oil to invest Rs 350 bn on refinery expansion
At an investment of about Rs 35,000 crore, Essar Oil plans to double the refining capacity of its Vadinar unit in Gujarat to 40 million tonne per annum in the next five years.
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Esssar Energy Holdings to exercise call option
In a move to consolidate non-public holdings of Essar Oil, Essar Energy Holdings, Mauritius exercised the call option to buy 32.95 million shares or 2.41 percent stake in the former from UK's Imperial Consultants and Securities. It may be recalled that on April 6, 2010, Essar Energy entered into an agreement with Essar Investment for the call option. Later, Essar Investment demerged its inves
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Private fuel retailers prefer export over local sales
Media reports indicate that private fuel retailers like Essar Oil, Reliance Industries (RIL) prefer to export diesel instead of selling them in the domestic market despite the government partially de-regulating the pricing regime. This is because these firms fear that the government may again impose price control on diesel during election perio
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Private refiners seek sovereign guarantee for oil import
Media reports indicate that the energy insurance pool of Rs 2,000 crore that was formed by the central government for refineries processing Iranian crude oil is not found sufficient by some private refineries. For example, Essar Oil, which has to import oil from Iran for processing it in its Gujarat refinery, is seeking
sovereign guarantee from the Indian government for the impo
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Essar Oil replacing rupee loans with cheaper foreign debt
Essar Oil is in the process of replacing its high-cost rupee loans equivalent to $2.27 billion with external commercial borrowings (ECBs), for which it has approval from the Reserve Bank of India (RBI). As part of this process, the company replaced the corporate debt restructuring (CDR) loan facility with a new debt facility of about Rs 9,100 crore on commercial terms from similar group of
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Essar Oil may maintain GRM on par with RIL
Analysts feel that the gross refining margin (GRM) of Essar Oil would continue to match that of Reliance Industries (RIL) as the former has increased the complexity of its refining units. Essar Oil raised its refinery capacity to 405,000 barrels per day from 300,000 previously and its com
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Essar Oil may maintain GRM on par with RIL
Analysts feel that the gross refining margin (GRM) of Essar Oil would continue to match that of Reliance Industries (RIL) as the former has increased the complexity of its refining units. Essar Oil raised its refinery capacity to 405,000 barrels per day from 300,000 previously and its com
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Industry body wants to retail fuel of private oil firms
Reports indicate that the Federation of All India Petrol Traders, which accounts for 42,000 of India's 45,000 pumps, seek permission to retail the fuel products of private oil marketing companies like Essar Oil, Reliance Industries (RIL). Right now, according to an agreement with state-run OMCs, these traders can market the fuel of only the thre