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Business EconomyPosted at: Jan 5 2022 5:35PM


Essar Oil UK's monthly sales volume hit 18-month high in Dec

New Delhi, Jan 5 (UNI) Ending the year 2021 on a high note, Essar Oil (UK) Ltd saw highest monthly volume of product sales in December since start of the pandemic.
"A stronger trading environment saw the company record its best monthly product sales for 18 months in December 2021 across both fuels and petrochemicals, with demand now back to 95% of pre-Covid-19 levels," Essar Oil UK said.
In a statement, the company said that it secured additional financing in the last quarter of 2021.
Essar Oil UK is a UK-focused downstream energy company of the Essar group whose main asset is the Stanlow Manufacturing Complex, one of the most advanced refineries in Europe situated close to the major cities of Liverpool and Manchester.
Since acquiring Stanlow in 2011, Essar has invested $1 billion in margin improvement and other efficiency initiatives to ensure the refinery remains competitive in a rapidly changing market.
Essar Oil UK said that it is now generating EBITDA at an annualised rate of approximately $300 million.
“Over the last quarter, the company has been able to strengthen its financial performance due to improvements in the product market and delivery of reliable and stable operations at Stanlow," said Deepak Maheshwari, Essar Chief Executive Officer.
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