ESSAR OIL LIMITED

Essar Oil is primarily into marketing of petroproducts History

Essar Oil Ltd (Essar Oil) was established in 1989 by the Essar group. In 1992, Essar Oil became a subsidiary of Essar Gujarat Ltd (EGL), now called Essar Steel and had a eet of drilling rigs. In 1994, Essar Steel transferred its shareholding in Essar Oil to Essar Investments Ltd. The company also made an IPO to part-nance a renery. In 2003, Essar Oil sold its energy division. In 2005, the companys renery project at Vadinar in Gujarat restarted. Essar Oil launched Punch, a premium petrol product. In FY05, the company drilled three oil and gas wells in the E&P block in Cambay basin in Gujarat. Essar Oil signed a production sharing contract with the Government of Myanmar in May 2005, for exploration of oil in one off-shore and one on-shore exploration block. In 2005, Essar Oil issued and alloted FCCBs of US$166 mn.

D&B D-U-N-S No 86-238-8949

Company Ranking
Income 229 Net Prot 463 Net Worth 64

Company Details
Registered ofce Khambalia Post, Post Box No 24 Dist Jamnagar - 361305 Gujarat Chairperson S Ruia Managing Director A N Sinha Directors R Ruia, H L Mundra, P Ruia, D J Thakkar, K N Venkatasubramanian, G Goswami, N S Kannan, S Chowdhury, S N Gogate Company Secretary S S Shaf Bankers ICICI Bank, SBI, PNB, UBI, SBS, HDFC Bank, ABN Auditors Deloitte Haskins & Sells

Operations
Essar Oils operations comprise exploration and production (E&P), rening and marketing. Essar Oil markets petroleum products through retail outlets and also through direct sales to bulk customers. As on Mar 2005, the company had commissioned 511 franchisee retail outlets. Essar Oil has exploration blocks in Rajasthan, Mumbai, Cambay basin in Gujarat, Assam and the Ratna and R Series oil elds in Bombay High. For the 15 months ended Mar 2005, Essar Oil earned its entire revenue only from the marketing of external products.

The Year in Review

For the year to Mar 31, 2005, total income increased to Rs 9.2 bn, up 426.1% over the previous years gure. Net prot decreased 52.2% to Rs 78.9 mn. As per unaudited results for the nine months ended Dec 31, 2005, the company recorded an income of Rs 6.2 bn and a net loss of Rs 558.5 mn as compared with an income of Rs 7.1 bn and a net prot of Rs 114.2 mn in the corresponding period previous year.