UK's Essar Oil posts higher Q1 sales, ceases Russian oil imports

Company says it is replacing shortfall by maximising indigenous diesel production

Essar Oil (UK) said on Wednesday it closed the first quarter ended June 30, 2022 with higher sales in value and volume terms. It ceased oil imports from Russia from April.

The company said that it had replaced the shortfall by maximising indigenous diesel production as well as sourcing non-Russian diesel.

In the first quarter of the current fiscal, the company's sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year.

The company's consolidated revenue during the quarter under review (on an IFRS basis) was $3.72 billion as against $2.03 billion during the comparable period of the previous year.

Deepak Maheshwari, chief executive officer, Essar Oil (UK), said sales volumes were now largely at levels before the coronavirus pandemic two years ago, adding that the company had strengthened its balance sheet and operating performance.