Essar Energy Looks for Overseas Facilities

Indian refiner Essar Energy may acquire storage facilities or an overseas refinery to support its fuel exports.

The capacity addition at its Indian refinery Vadinar will enable it produce Euro IV and Euro V grade petrol and diesel for export markets.

The talks the company initiated last year to acquire three refineries in Germany and UK are continuing, Essar Energy chief financial officer P Sampath told Bloomberg.

“We’ll look at opportunities to take acquisition interests in any form to place these products in international markets,” Sampath said.

”It can be buying some tankages, it can be buying a refinery elsewhere if it’s available cheaper.”

The company may also increase exports of petrol from its Vadinar refinery to East Africa.