OREANDA-NEWS. February 20, 2012. Revenues of Rs 13,897 crore for Q3 FY 2011-12 compared to Rs 13,809 crore in Q3 FY 2010-11. Revenues for nine months ended 31st December 2011 was Rs 44,180 crore, compared to Rs 38, 273 crore for the nine months ended 31st December 2010.

Quarterly EBITDA at Rs 490 crore from Rs 827 crore in Q3 FY 2010-11. For the nine months ended 31st December 2011, it stood at Rs 1,663 crore, as against Rs 1,868 crore for the nine months ended 31st December 2010

Quarterly CP GRM* at USD 6.07/bbl, compared to USD 7.21/bb in Q3 FY 2010-11. For the nine months ended 31st December 2011, it was USD 6.94/bbl compared to USD 6.50/bbl for the nine months ended 31st December 2010

Note: * Sales Tax Incentive included in CP GRM: USD 3.25/bbl for Q3 FY2011-12, USD 2.52 for Q3FY2010-11, and USD 2.87/bbl for nine months ended 31st December 2011& USD 2.22/bbl for nine months ended 31st December 2010 

Expanded refinery, with increased capacity of 18 MMTPA and enhanced complexity of 11.8, to be fully operational by March 2012

Optimisation project to increase capacity to 20 MMTPA on track; completion expected by September 2012

NSAI issues revised certification regarding proven and probable reserves (2P) at Raniganj CBM block. While the 2P estimate was revised from zero in the earlier certification to 113 bcf (billion cubic feet), the best estimate 2C resources was upgraded from 200 bcf to 445 bcf. Prospective resources were estimated at 297 bcf

Petition filed in Supreme Court seeking review of apex court’s order setting aside Gujarat High Court ruling in sales tax deferment benefit case.

As a prudent measure, pending decision on the review petition, the Company has reversed the income of Rs 4,015 crore as an exceptional item during the current quarter.

Company considering options for making equity infusion to boost net worth and shore up liquidity

Refining

Throughput of Vadinar Refinery at 2.81 MMT; compared to 3.73 MMT in corresponding quarter in last fiscal. Lower throughput on account of refinery being shut down for 22 days in the quarter (as part of 35-day planned shutdown in September-October 2011). Throughput  of Vadinar Refinery at 9.46 MMT throughput for the nine months ended 31st December 2011, compared to 11.10 MMT for the nine months ended 31st December 2010--lower on account of the planned 35-day shutdown.

Vadinar refinery achieved mechanical completion of all units under Phase I refinery expansion project. Most expansion units and facilities commissioned. Revamp of CDU, VDU, SRU and FCCU including tie-ins of all units with existing refinery completed during shutdown 

Substantial quantity of ultra heavy crude, required for expanded, high complexity refinery, tied up

Refinery maintains excellent safety track record, with 1,416 LTI free days as on date

Marketing

Essar Oil has over 1,600 operational and under construction outlets

Added two new CNG stations in the quarter, EOL has a total of 9 Auto LPG and CNG stations in its retail network

Exploration & Production

Environmental approval for Phase- II (58 wells) of Raniganj CBM block received

Commenced supply of gas through pipeline to end customer from Raniganj block.