Essar completes Vadinar expansion early

India-focused integrated energy company Essar Energy has completed its optimisation project at its Vadinar refinery four months ahead of schedule.

The group invested around $2.2bn in expanding capacity at the plant, which accounts for around one-tenth of India's refining capacity. The refinery can now process around 20m tonnes of oil per annum, or 405,000 barrels a day, and can handle heavier oil than it could previously.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"With this commissioning, our capex [capital expenditure] cycle has now come to an end and we are fully geared to deliver the value of our investments to all our stakeholders," said Lalit Gupta, Managing Director and Chief Executive Officer of Essar Oil.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.