Nearly five-years after acquiring the strategic Stanlow refinery from Shell, Essar Oil UK has turned around the loss making unit with a record net profit of USD 187 million in 2015-16 as it optimised processes, diversified crude basket and invested in margin improvement programmes. Essar Oil UK, controlled by Mumbai-based Ruia family, reported highest ever EBITDA of USD 340 million in the financial year ended March 31, 2016 as compared to an EBITDA of USD 177 million in the previous fiscal.
“EBITDA was negative USD 17 million in FY12 ,” said Naresh Nayyar, Executive Chairman, Essar Oil UK. “Net profit in FY16 is about USD 187 million as compared to USD 70 million in the previous fiscal.” Stanlow today produces over 16 per cent of UK’s transport fuels, serving north-west part of UK