OREANDA-NEWS. Essar Energy plc (LSE:ESSR), the India-focused integrated energy company, released its Interim Management Statement (IMS) for the period ended 31 December 2012.

Q3 highlights delivering growth

Oil and Gas:

Vadinar Q3 current price gross refining margins (CP GRM) remained strong at USD 9.75/barrel, up 246% against USD 2.82 in the same quarter a year earlier

Vadinar Q3 throughput was 36.32 million barrels, up 77% against 20.5 million barrels in the same quarter a year earlier

Stanlow Q3 CP GRM at USD 5.59/barrel, up 128% compared with USD 2.45 in the same quarter a year earlier, due in part to margin enhancement initiatives

Stanlow Q3 throughput was 18 million barrels, down 9% against 19.7 million barrels in the same quarter a year earlier, due to a planned shutdown

Power

Generation in Q3 totalled 2,862 million units (MU), up 93% from 1,481 MU in the same quarter a year earlier

Mahan I unit 1 of 600MW was synchronized and commenced generating power in December 2012; Vadinar P2, 510MW, was synchronized in November 2012 and commenced generating power

Total operating generation portfolio now 3,910MW

Operating performance and update

Refining and Marketing

Throughput and production from the Company's refineries compared to the prior corresponding three month period was as follows, with the nine month data shown separately in Annexe 1 at the end of this statement:

Asset

Throughput (mmt)

Production (mmt)

CP GRM (USD /bbl)

 

3 months ended

3 months ended

3 months ended

 

Dec 2012

Dec 2011

Dec 2012

Dec 2011

Dec 2012

Dec 2011

Vadinar

5.14

2.81

4.95

2.62

9.75

2.82

Stanlow

2.40

2.62

2.18

2.39

5.59

2.45