Essar Energy

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Essar Energy Plc
Type Public limited company(LSEESSR)
Industry Oil and gas, Energy
Headquarters Port Louis, Mauritius
Key people Prashant Ruia (Chairman and Non- Executive Director), Naresh Nayyar (Chief Executive Officer), Simon Murray CBE (Vice Chairman)
Products refined petroleum products, electricity
Revenue US$27,257.7 million (2013)1
Operating income US$790.8  million (2013)1
Profit US$(175.0) million (2013)1
Parent Essar Group
Subsidiaries Essar Oil
Website www.essarenergy.com

Essar Energy Plc is an Indian-focused energy company with assets in the existing power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary of Essar Group, the firm has interests in both the power generation and petroleum industries. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Established in 1998 as a wholly owned business unit of the Essar Group conglomerate,2 the firm was partly floated on the London Stock Exchange in April 2010, marking the exchange's largest initial public offering since December 2007.3 The company was added to the FTSE 100 Index at the subsequent quarterly review. Essar Group retains an approximate 76% stake in Essar Energy.4 The lead underwriters to the Initial Public Offering were JPMorgan Chase and Deutsche Bank. The primary offering raised £1.3bn. Ravi Ruia, the Chairman, and Sanjay Mehta, a senior board member of Essar Global Limited, were identified in an Economic Times of India article as instrumental in the listing.5

Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government.6

Operations

Oil and Gas

Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to oil retail.

Operations

Exploration and production

  • Asia & Africa
  • Vadinar, Gujarat,India
  • Stanlow, UK
  • Mombasa, Kenya

Power

Essar Energy has an installed power generation capacity of 3,910 MW across six plants.7

Power Plants

  • Essar Hazira Power Plant, Hazira, Gujarat. Its a 515 MW (1x215, 1x300 MW) gas based thermal power plant. The plant is fully functional. 7
  • Essar Vadinar Power Plant, Vadinar, Gujarat. Its a 1010 MW (1x120, 1x380 MW, 1x510 MW) captive thermal power plant. The plant is fully functional. 7
  • Essar Bhander Power Plant, Hazira, Gujarat. Its a 500 MW (1x500 MW) gas based thermal power plant. The plant is fully functional. 7
  • Essar Salaya Power Plant, Salaya, Gujarat. Its a 1200 MW (2x600 MW) coal based thermal power plant. The plant is fully functional.
  • Essar Algoma Power Plant, Algoma, Ontario, Canada. Its a 85 MW (1x85 MW) thermal power plant. The plant is fully functional. 7
  • Essar Mahan Power Plant, Mahan, Singrauli district Madhya Pradesh. Its a 1200 MW (2x600 MW) coal based thermal power plant. One unit is functional.
  • Essar Hazira-2 Power Plant, Hazira, Gujarat. Its a 270 MW (1x135 MW) thermal power plant. This plant is yet to become operational. 8
  • Essar Tori Power Plant, Tori, Jharkhand. Its a 1800 MW (3x600 MW) coal based thermal power plant. This plant is yet to become operational. 9
  • Essar Paradip Power Plant, Paradip, Odisha. Its a 120 MW (4x30 MW) coal based thermal power plant. This plant is yet to become operational. 10

Petroleum

The firm's oil and gas operations are carried out through its 86%-owned subsidiary11 Essar Oil Limited, which is listed on the National Stock Exchange of India and the Bombay Stock Exchange.

Essar Oil owns and operates Essar Refinery a petroleum refinery at Vadinar in Jamnagar district, Gujarat, It is India's second largest refinery, which has a capacity of 18 million metric tons per annum.12

Essar Oil holds both onshore and offshore petroleum exploration and production rights within India, as well as rights to a coalbed methane block. The firm also holds exploration and production interests in Nigeria, Vietnam, Australia, Indonesia, and Madagascar. Its total reserves amount to 2 Mbbl (320,000 m3) equivalent of 2P (proved plus probable) resources, 148 Mbbl (23,500,000 m3) equivalent in contingent resources and 1,012 Mbbl (160,900,000 m3) equivalent in prospective resources. In June 2012 Essar energy received the final forest approval for developing a coal mine in Indonesia.13

References

  1. ^ a b c Annual Report 2013
  2. ^ Essar Energy: Prospectus
  3. ^ Kumar, Nikhil (5 May 2010). "Essar suffers worst IPO in eight years". The Independent. Retrieved 20 June 2010. 
  4. ^ "NOTIFICATION OF MAJOR INTEREST IN SHARES". Essar Energy. p. 11 May 2010. Retrieved 20 June 2010. 
  5. ^ Essar's Ravi Ruia relocates to London; to raise $3bn
  6. ^ Essar Energy to sell Mombasa refinery stake, International: Oil Review Africa, 2013 
  7. ^ a b c d e "Power". Essar Energy. Retrieved 2014-03-20. 
  8. ^ "Hazira power plant". SourceWatch. 2014-03-11. Retrieved 2014-03-20. 
  9. ^ "Tori power plant". SourceWatch. Retrieved 2014-03-20. 
  10. ^ "Paradip power plant". SourceWatch. Retrieved 2014-03-20. 
  11. ^ Eluvangal, Sreejiraj (2 June 2010). "Essar Energy invests $225 million in Essar Oil". DNA. Retrieved 20 June 2010. 
  12. ^ "Essar Energy to be listed on London's FTSE 100". The Hindu. 10 June 2010. Retrieved 20 June 2010. 
  13. ^ "Essar Energy gets final nod to develop coal mine". The Hindu Business Line. 8 June 2012. 

External links