Essar Energy PLC : Denies plans to close Stanlow refinery



10 March 2014

Essar Energy denies plans to close Stanlow refinery

With reference to recent press reports, Essar Energy plc denies that it has any plans to close its Stanlow refinery.

The Stanlow refinery is well-positioned to supply UK fuel demand, given its advantageous location and following recent upgrading work to optimise product output. The refinery is supported by integration into extensive pipeline logistics and good road links to access local and regional markets.

Essar Energy and the entire transport fuel supply industry are working together with the UK Government to improve the resilience of UK refineries and importers.

Essar Energy has embarked on an estimated US$100 million cost improvement programme at Stanlow to ensure the business is able to weather this period of exceptionally poor refining margins. This programme has the support of Essar Energy plc, management and our employees.

Ends

For further information on Essar Energy, please visit www.essarenergy.com

For further information on Essar, please visit www.essar.com

Alternatively, please contact :

Essar Energy

Mark Lidiard, Director of Investor Relations & Communications [phone] or [phone]

Jonathan Miller, Head of Media Relations [phone] or [phone]

Brunswick

Andrew Mitchell or Mike Smith [phone]

About Essar Energy

Essar Energy (LSE:ESSR) is a world class, low-cost, integrated energy company with an established track record.

Essar Energy, through its subsidiaries, owns one of India's largest private power producers with 3,910MW of installed capacity and projects under planning and construction to expand its capacity to 6,700MW.

Essar Energy, through its subsidiaries, owns one of India's fastest growing private sector oil and gas companies with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India's second largest private sector oil refinery with throughput capacity of 20 million metric tonnes per annum, or 405,000 barrels per day. The Stanlow refinery is the UK's second largest refinery with throughput capacity of 296,000 barrels per day, or 14.6 million metric tonnes per annum.  

About Essar

Essar is a multinational corporation with annual revenues of c.US$39 billion and investments in Steel, Energy, Infrastructure and Services. With operations in more than 25 countries, it employs over 73,000 people.

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This announcement contains certain forward-looking statements, including statements regarding Essar Energy's plans, objectives and performance. Such statements relate to events and depend on circumstances that may occur in the future and are subject to risks, uncertainties and assumptions. Although Essar Energy believes that the expectations reflected in such forward looking statements are reasonable, there are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements, including, without limitation, the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licences; fluctuations in demand and pricing in the Oil and Gas, Power and Energy industries; fluctuations in exchange controls; changes in government policy and taxations; industrial disputes; war and terrorism. Further information on the significant risks and uncertainties associated with Essar Energy's business is set out in the Prospectus published on 4 May 2010. These forward-looking statements speak only as at the date of this document. Essar Energy undertakes no obligation to update any forward looking statements whether as a result of new information, future events or otherwise, except to the extent legally required.

These statements (and all other forward-looking statements contained in this document) are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Essar Energy's control, are difficult to predict and could cause actual results to differ materially from those expressed or implied or forecast in the forward-looking statements.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction, or an invitation or inducement to invest in Essar Energy or any other entity and should not be relied upon in any way in connection with any investment decision.

This information is provided by RNS

The company news service from the London Stock Exchange

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