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#12
25th December 2007, 10:30 AM
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Re: Caution !! Eassar Oil expereince with my friend.
Essar Oil to raise US$4bn for expansion
Essar Oil is planning to raise US$4bn, partly through a preferential allotment to the company's founders and the remainder overseas. The money thus raised will be utilised to triple capacity at the company's Vadinar refinery. The funding plan will be completed next month, Naresh Nayyar, Managing Director of Essar Oil was quoted as saying by a leading wire news agency. Essar Oil has about US$2bn of debt outstanding. Separately, the company's shareholders approved a proposal to raise US$2bn through a preferential issue of shares to the promoters, Shashi and Ravi Ruia, to fund the expansion of the Vadinar refinery. Essar Oil plans to boost refinery capacity at the Vadinar plant to 34mn tons per year, or 680,000 barrels per day, from 10.5mn tons now. Essar Oil aims to process one million barrels of crude per day, of which 700,000 barrels a day will be processed in Jamnagar. The company plans to build or buy overseas refining capacity for the balance 250,000 bpd. 
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