Essar Oil posts Rs105 crore net profit in third quarter

Essar Oil, India’s second largest private refiner, posted a net profit of Rs105 crore (US$19.1 million) in the third quarter, brought about by higher refining margins. The company’s Vadinar refinery, the second largest single site refinery in the country, processed 5.07 million tons of crude oil, the highest ever in a quarter, 66% higher than the output in the second quarter. Moreover, light distillates such as LPG, petrol and naphtha and middle distillates like kerosene and diesel fuel, rose to 82% of the product slate in the same period. The refinery is now functioning at its full capacity of 20 million tons per year, and all units are stabilized, Essar Oil Managing Director and CEO L.K. Gupta said. (November 12, 2012)