Essar Oil

NCLAT halts insolvency process against Essar Oil and Gas Exploration

Essar Oil said it had made the final payment prior to the insolvency petition's admission. It said it reported a turnover of Rs 800 crore and had 425 employees

Essar sees growth potential for Black Box amid AI boom: Prashant Ruia

Essar Group sees huge growth potential in its IT firm Black Box with boom in artificial intelligence (AI) technology driving demand for new data centres and managed services across the globe, a top official of the multinational conglomerate said. In an exclusive interview with PTI, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investment, expressed confidence in the sector. "This is a company which can see tremendous growth, because the kind of growth taking place in data centres and managed services globally is exponential," he said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. "It's obviously listed in India, but it's primarily headquartered, main operations are in the US. We currently do about USD 800 million of revenue in Black Box... about 75 per cent of the market for us is the US. We have a very large operation headquartered in Dallas, we have close to

Essar Oil UK selects Mitsubishi as technology licensor for carbon capture

Essar Oil UK Limited (EOUK) on Friday said it has selected Mitsubishi Heavy Industries Ltd as technology provider for the development of the required basic engineering design package for its new EET Industrial Carbon Capture facility based at Stanlow, UK. This is a leading use of carbon capture technology, associated with a fluid catalytic cracker within refineries globally. "Following a detailed due diligence process, technology provider MHI has been selected for the carbon dioxide capture process section of the plant. Once captured, the carbon dioxide will be permanently sequestered into depleted gas fields under the sea in Liverpool Bay, as part of the HyNet cluster in the North West of England," the company said in a statement. Essar had announced the proposed construction of the EET Industrial Carbon Capture plant at the Stanlow Refinery in November 2022. Participating in the Cluster Sequencing Track One Expansion process, the company plans for the facility to be operational i

Essar Oil UK division Vertex Hydrogen to change name to EET Hydrogen

Essar Oil UK arm Vertex Hydrogen on Monday announced its plan to switch to a new brand identity, EET Hydrogen as it looks to become a major pillar in the group's energy transition. This change is a natural progression in the development of the company from an early-stage idea into the leading hydrogen production project in the UK, a statement said. "Vertex Hydrogen is announcing that it is changing its brand to EET Hydrogen and that it intends to move from being a subsidiary of Essar Oil UK (EOUK) to a sister company of EOUK and become a standalone pillar of the Essar Energy Transition (EET) portfolio," it stated. The EET Hydrogen will provide a platform for growth with an ambition to deliver around 4GW of low-carbon hydrogen by 2030, around 40 per cent of the UK Government's national target. This hydrogen will enable businesses to switch from fossil fuels to low-carbon energy, securing and growing vital industries and jobs and unlocking billions of pounds of investment. Essar gro

Essar Oil UK to expand fuel distribution into London, South East of England

Essar Oil (UK) Ltd, the leading integrated downstream energy company, on Monday said it has signed an agreement with Essex-based storer of refining petroleum products Oikos Storage Ltd to expand its operations into London and the South East of England. The firm owns UK's Stanlow oil refinery and a network of petrol stations in the country. "Under the agreement, Essar will store and distribute middle distillate fuels at Oikos' Canvey Island facility to serve the Thames region. Furthermore, the agreement will leverage Oikos' connectivity to the United Kingdom Oil Pipeline (UKOP) system to supply the Northampton and Midlands regions," the company said in a statement. Currently, diesel and jet fuels are pumped from the Stanlow refinery to the Midlands and Northampton regions along the UKOP system. "As a result of this agreement, Essar's imports of middle distillates will be pumped from Oikos to Northampton and the Midlands regions, providing significant supply resilience and increasing

Essar Oil partners Sensia for digitalisation of oil, gas field operations

Essar Oil and Gas Exploration and Production Ltd (EOGEPL), India's leading pioneering unconventional hydrocarbon player, on Thursday announced its collaboration with Sensia for the digitalisation of oil and gas field operations to enhance operational efficiencies. "This strategic partnership aims to unify measurement systems, optimise decision-making and enable remote control of critical parameters across EOGEPL's wells, facilities and customer interface," it said in a statement. EOGEPL, which produces gas from coal seams (called coal-bed methane), will deploy Sensia's Avalon digital platform interface. "Sensia's Avalon platform offers a comprehensive interface that simplifies the capture, analysis and digitisation of well-related activities, facility-related activities and customer end operations," it said. The platform enables real-time data acquisition of essential parameters, such as mechanical, electrical, gas and water flow, pressure, and power backup device data, among other

Essar Oil appoints corporate governance expert Tony Fountain to board

He will chair board's health, safety, security and environment committee and be a member of another one

Essar Group bets $3.6 billion on decarbonisation in India and UK

Will invest $1.2 bn to develop a global supply hub for low-carbon fuels

Highest-ever quarterly revenue by Essar Oil in Q3 as CBM output doubles

The company reported 100% offtake of gas through GAIL's Urja Ganga pipeline

As politics shapes policy, India's private fuel retailers run on fumes

quasi-administered price regime and the imposition of Universal Service Obligations is complicating their business plans

Ukraine war, economic uncertainty delays Nayara Energy stake sale plan

"With the war, the chances of a Western company buying a stake in Nayara looks difficult. They may have to look for Indian equity partners," said a banker.

Ukraine war fallout: Nayara to pay higher interest after NCD downgrade

Lower rating by Care follows concerns over Rosneft's support to the Indian company after Russia invaded Ukraine and western countries imposed sanctions on the Russian entities

Essar Oil seeks extension on settling value-added tax arrears in UK

This seemed to be intended to calm speculation that it may be on the brink of collapse, following media reports to this effect

Essar Oil in talks to extend January UK VAT payment deadline

Essar Oil UK, operator of Britain's Stanlow oil refinery, is in talks with UK authorities over extending a Jan deadline to repay hundreds of millions of pounds in deferred taxes, company said.

Essar Oil strengthens board with experts, experienced hydrocarbon execs

New members include Jonathan R Kelafant of Advanced Resources International, Inc, and Charles Boyer of Schlumberger

Essar Oil UK appoints new advisory council to bolster corporate governance

Top-notch lawyers, diplomats and corporate honchos roped in

Essar Oil UK raises $850 mn from diverse sources to retire earlier loans

With this, the firm has more low-cost liquidity to meet upcoming needs, can focus on its transition to become a low-carbon energy provider" with greater vigour

Former GAIL chairman BC Tripathi joins Essar Oil UK as board member

Essar in its statement said that Tripathi will drive the investment strategy and play a key role in providing strategic direction to EGFL

Essar Oil UK announces Mark Wilson as new Chief Executive Officer

An experienced energy professional, Wilson was previously with BP plc of the UK where he held a number of senior leadership positions

Great Eastern, Essar seek Bengal govt's approval for shale plans

The development comes after the central government eased the rules on exploration of unconventional hydrocarbons