Essar Oil NEWS

The board of Essar Power ltd, an investee company of Essar Global Fund (EGFL), has approved an investment of Rs 300 crore in a 90 megawatt PV Solar plant in Madhya Pradesh, marling the fund's foray into renewable energy," he said. The project is expected to be completed by june 2022.

Essar took to twitter to inform about starting off gas supply to state-owned GAIL India. Ruia family-owned Essar inked a 15-year contract in August to supply all of its coal bed methane (CBM) production from Raniganj East block to GAIL. The Raniganj East block is predicted to reach peak coal bed methane (CBM) production of 2.3 million standard cubic metres per day.

The Shell Higher Olefins Plant (SHOP) which came under fire yesterday has been extinguished. Essar Oil UK’s Stanlow refinery is on the same site as Shell’s chemical plant. Shell manufactures polymer, lubricant and detergent intermediates, plasticizers and detergent alcohols from ethylene at the site. Essar runs both the chemical plant as well as the refinery.

Sources have revealed that refinery giant, Reliance, forced by the shutdown of its gasoline making unit, has cancelled lifting of vacuum gas oil (VGO) cargo from local refiner Nayara Energy (formerly Essar Oil). Reliance was planning to lift 40,000 tonnes of VGO from Nayara’s Vadinar refinery this month, the sources said. Reliance reportedly announced force majeure on exports of gasoline from its Jamnagar refinery this week.

After the submission of winning bid by GAIL, Essar Oil & Gas E&P has agreed to supply 2.3 mmscmd of its entire coal bed methane (CBM) production from the Raniganj project in West Bengal, India. The gas sale and purchase agreement (GSPA) has a term of 15 years. In its bid, GAIL offered the payment of gas prices associated to the average daily price of three months of Brent crude.

Essar Oil subsidiary, Essar Oil and Gas Exploration and Production (EOGEPL) has entered into a gas sale and purchase agreement (GSPA) with state-run GAIL for a 15-year term. GAIL won the bid for the contract floated by EOGEPL. The deal will help monetize EOGEPL’s complete CBM production from the Raniganj East block. The Essar subsidiary has already concluded drilling of 346 out of the 500 CBM wells.

Nayara Energy, the rebranded Indian Essar Oil, has begun limiting its intake from Iran after the nuclear deal took place between the United States and Tehran. Nayara is one of India’s biggest buyers of Iranian oil but will now limit its intake of Iranian oil to about 3-4 million barrels in a month. Nayara would thus enhance the supply and trading network of its major stakeholders, Rosneft and Trafigura to replace Iranian oil.

In a major rebranding move, Essar Oil Limited has been renamed as Nayara Energy. ‘Nayara’ is an amalgamation of two words; one coined from the Hindi word “Naya” (news) and the other is “Era.” This is to signify the shareholders vision to bring new era of development who finalized this decision in an extraordinary general meeting.