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
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
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.
JH
-
FCA car finance compensation: £700 each expected for 14 million driversEligible motorists could begin getting a payout from next year under the financial watchdog’s planned car finance compensation scheme
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
