London-listed Essar Energy today said its gross refining margins (GRMs) had risen 49 per cent to $6.75 a barrel for the September quarter. Driven, it said, by a general improvement in market conditions, supported by the positive effect of Cairn’s crude oil from Rajasthan fields on its crude costs.
Deregulation of petrol prices in India has also had a positive effect, as its retail sales volumes are up by 58 per cent over the June quarter. This has increased its retail sales by 40 per cent to $167 million, as compared to $119 mn. The company has 1,376 operational retail outlets and said that since it expects complete deregulation of diesel prices, it would expand these to 1,700 by March 2011.
Essar is also to start commercial sales from the Raniganj Coal Bed Methane project in West Bengal before the end of this calendar year.
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