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Ellesmere Port refinery’s record profits

Essar Oil has posted record profits at its Stanlow refinery in Ellesmere Port.

The Indian-owned energy company, which owns and operates the refinery, revealed itsbest financial results for the year ending March 31.

During the year Essar, said to be worth £606m, says the refinery processed almost nine million metric tonnes of crude, up 5% on the previous year.

Gross revenues for the 12 months were £3.4bn, a 34% drop on the £5.2bn reported in the previous financial year mainly due to the lower price of crude oil which fell 44%.

Earnings before interest, tax and costs were a record £247m for the year against the £122m reported for 2015 while profit after tax in the period grew to £168m, against £48m in 2015.

The refinery continued to benefit from its improved operations which have increased the yield of high margin products such as gasoline while reducing production of lower margin products such as fuel oil. Read More