Essar Oil : showcases stellar annual performance at 26th Annual General Meeting

• Highest ever annual EBIDTA at Rs 7,773 crore in FY 2015-16
• Record high Profit After Tax at Rs 2,162 crore in FY 2015-16
• Record high CP-GRM of US $10.81 per barrel
• Commissioned 3000th retail outlet last week
• Vadinar Refinery conferred PetroFed's 'Refinery of the Year' award for 2015
• Received coveted 'Industry Leadership Award in Downstream' at 2016 Platts Global Energy Awards

Mumbai/Vadinar, 26 December 2016: Essar Oil Limited today announced to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat.

In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore--a rise of 42% from FY2014-15. The total throughput of the refinery stood at 19.1 MMT in FY 2015-16, compared to 20.49 MMT in the previous year. The lower throughput during the year was on account of the planned shutdown of 28 days undertaken during the September-October period.

In the year ended 31st March 2016, Essar Oil clocked a record high current price Gross Refining Margin (CP-GRM) of US $10.81 per barrel, compared with US $8.37 in the previous year.

Essar Oil is glad to share that last week, the company commissioned its 3,000th retail outlet in India. Over 2,800 retail outlets are at various stages of implementation as the company plans to benefit from the rising demand for transportation fuel. The retail sales volume grew by almost 145% to 1.6 million kl in FY 2015-16.

In the exploration and production segment, the financial year 2015-16 marked an inflection point for Essar Oil's flagship CBM Project at Raniganj East that is located in West Bengal. The CBM production from Raniganj registered a significant growth during this year, with production of close to 800,000 scmd as of 31 March 2016. Essar Oil has since become the first player to cross the 1 million scmd production milestone in the country in July 2016.

Mr Prashant Ruia, Chairman of Essar Oil, said: 'I believe that the benchmark financial and operational highlights of the Company's performance in FY 2015-16 are an outcome of enduring effort and demonstrate our unparalleled ability to excel in volatile circumstances.''
Recognition
Essar Oil won the 'Refinery of the Year' award for 2015 by the Petroleum Federation of India. It was also conferred with the prestigious 'Industry Leadership Award in Downstream' at the 2016 Platts Global Energy Awards.

Essar Oil stake sale
In line with Essar's philosophy to incubate, nurture, and scale up businesses to landmark valuations, the promoters decided to sell 98% of your Company's stake to world's leading oil & gas companies.

On 15 October 2016, Essar Energy Holdings Limited and Oil Bidco (Mauritius) Limited-the controlling shareholders of Essar Oil Limited-signed an agreement to sell 49% of the Company to Petrol Complex Pte. Ltd, a subsidiary of Russia's PJSC Rosneft Oil Company and another 49% to Kesani Enterprises Company Limited, owned by a consortium led by Trafigura and United Capital Partners. The sale transaction includes the Vadinar refinery and the retail network. The transaction is the single largest tranche of foreign direct investment in India. It has already received the approval of the Competition Commission of India and the process of securing other approvals is progressing satisfactorily.

About Essar Oil Limited
Essar Oil is a fully integrated oil and gas company of international scale with strong presence across the hydrocarbon value chain-from exploration and production to refining and oil retail. Essar Oil has a portfolio of onshore and offshore oil & gas blocks with about 1.7 billion barrels of oil equivalent in reserves & resources.

Media contact:
Anoop Agrawal, Joint General Manager - Corporate Communications, Essar Oil,
Phone: [phone], Email: [e-mail]