Essar Energy


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. In May 2014 the company was acquired by its majority shareholder.

History

Established in 1998 as a wholly owned business unit of the Essar Group conglomerate, the firm was partly floated on the London Stock Exchange in April 2010, marking the exchange's largest initial public offering since December 2007. The company was added to the FTSE 100 Index at the subsequent quarterly review. Essar Group retains an approximate 76% stake in Essar Energy. 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.
Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government.
In May 2014 the company was acquired by its majority shareholder.

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

Power plants

The firm's oil and gas operations are carried out through its 86%-owned subsidiary 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.
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 equivalent of 2P resources, equivalent in contingent resources and equivalent in prospective resources. In June 2012 Essar energy received the final forest approval for developing a coal mine in Indonesia.