Essar Energy’s refining margins up in India, down in UK

Essar Energy PLC said its gross refining margins were up in India during the quarter that ended June 30, but down in the UK.

Margins for Essar’s 405,000-b/d Vadinar refinery at Gujarat averaged $7.01/bbl, up 49% from a year earlier. Throughput was 36.34 million bbl, up from 32.65 million the previous year.

Essar’s 296,000-b/d Stanlow, UK, refinery averaged $4.86/bbl, down from $7.53/bbl. Throughput was 19.27 million bbl, down from 19.65 million bbl.

Essar completed refinery expansion and optimization projects at Vadinar in 2012. During the most recent quarter, Vadinar’s crude mix was 92% lower cost heavy and ultra-heavy, compared with 89% in the same quarter a year earlier. On the production side, the proportion of higher value middle and light distillates was 84%, up from 82%.

Essar said margins at Stanlow were impacted by generally lower industry margins, weaker diesel and jet prices relative to gasoline, and higher residues production related to revised refinery configuration after the closing of the lubes plant in February.

Essar is planning a turnaround at Stanlow, including a 25-year “re-lifing” of the residue catalytic cracking unit.

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