Essar Energy posts net profit of US$248.3 million

Essar Energy Plc reported a net profit of US$248.3 million for the year 2010, a 20% increase over the previous year. Naresh Nayyar, CEO of Essar Energy, states, “This is a strong financial result driven by record refinery throughput of 14.7 million tons per annum, a pleasing uplift of over 50% in current price gross refinery margins and high availability at our power plants.” Revenues were also up 42% to US$10 billion for 2010. Essar Energy is a world class, low-cost, integrated energy company with an established track record. Essar Energy, through its subsidiaries, owns one of India’s largest private power producers with 1,600MW of installed capacity and projects under planning and construction to expand its capacity to 11,470 MW by the end of 2014. Through its subsidiaries, it owns one of India’s fastest growing private sector oil and gas companies, with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India’s second largest private
sector oil refinery, with throughput capacity of 14mmtpa and plans to expand to 20mmtpa by September 2012. (March 21, 2011)