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Business News

Margins rise more than 100% at Essar refinery

Margins at the UK's second-largest oil refinery shot up towards the end of last year, according to its owner Essar Energy. Essar's Stanlow plant in Ellesmere Port, Cheshire, saw gross refining margin increase to $5.59 a barrel in its third quarter. It was only $2.45 a barrel a year ago.

The industry has suffered from overcapacity and the slowing global economy in recent years, with rival group Petroplus, which owned the Coryton refinery in Essex among others, going into administration last year. Essar's UK chief executive warned last autumn more loss-making refineries in the UK could go out of business.

Shares in Essar Energy, which is majority owned by India's Essar Group, rose 3.3p to 144.3p.