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Historically, Essar Oil UK has been a very profitable business that has attracted over $1 billion in investment since its acquisition in 2011. It is a long standing private company without public shareholders.
The global Covid pandemic has affected all refiners, with repeated lockdowns leading to reduced product demand and depressed refining margins.
We have successfully traded through a very difficult 12 months and are now seeing increased demand for road transport fuels and improving refining margins, which has resulted in increased throughput at the Stanlow Manufacturing Complex.
We are not a levered business and currently we do not have any short term or long term bank debt on the company, other than working capital lines. Prior to Coronavirus, we were generating EBITDA in excess of $300 million per year. We remain confident that we can manage through this period and come out stronger as the economy clearly continues to recover.
We are fully focused on supporting the customers and industries who rely on our products as lockdown restrictions are eased and we are excited about our plans to decarbonise Stanlow and increase our supply of sustainable fuels, thereby supporting the UK’s green agenda.