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Essar Vadinar unit on track

business Updated: Oct 24, 2011 23:06 IST
HT Correspondent
HT Correspondent
Hindustan Times

London-listed Essar Energy said on Monday that it has completed a 35-day shutdown of its Vadinar refinery in Gujarat, helping it to tie-in new units required for a $1.85-billion capacity expansion of the refinery to 18 million tonnes per annum (mtpa) from the earlier 14 mtpa.

“The completion of the phase I expansion will be a major value driver for the company, increasing gross refining margins, cash flow and profitability,” said Naresh Nayyar, CEO, Essar Energy.

The company is also undertaking an additional optimisation project at the Vadinar refinery, which will see a capacity expansion of 4,05,000 barrels of oil per day by September 2012 to 20 mtpa at a cost of $380 million.

“The expansion should be complete by year-end,” Essar said.

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