The company also plans to invest $250 million in capex and maintenance at its Stanlow refinery near Liverpool
After exiting its India oil business, the Ruias are concentrating on the global business.
Sensing the rise of electric cars, Essar Oil (UK) Ltd will come out with a draft plan in the next 8-12 months to focus on petrochemical products that give better margins.
The company also plans to invest $250 million in capex and maintenance at its Stanlow refinery near Liverpool.
According to the company officials, the investment will increase annual throughput from 68 million barrels to 75 million barrels by enhancing yields of high-value products, reducing crude costs and driving revenue growth.
Prashant Ruia, non-executive chairman, Essar Oil UK, said, "The major investment we have confirmed in Stanlow will materially increase throughput and further grow revenues, building on the tremendous progress we have made in turning around the business over the past six years. It also demonstrates Essar's commitment to remain invested in the oil and gas sector."
Stanlow produces 16% of UK road transport fuels, including 3 billion litre petrol, 4.4 billion litre diesel and 2 billion litre jet fuel per year.
S Thangapandian, chief executive, Essar Oil UK, said, "Every government in the world is looking at the electric vehicles proactively. So we have started internal discussions and a core team has been formed to see how EVs are going to impact the petroleum sector as a whole and Stanlow in particular."
"The draft plan in this regard will be ready in the next eight to twelve months," he said.
Meanwhile, the company officials said the contract for the wholesale supply of Jet A-1 to UK airports has been secured for the direct supply of aviation fuel to major airlines such as Emirates, Etihad, Jet2.com and Oman Air.
The company has 39 petrol pumps in the UK currently and has permission to set up another 14 even as the management claims that it has the long-term target of setting up 400 outlets in five years.
The development comes shortly after the Mumbai-based Ruia sold the parent company Essar Oil to Russia's Rosneft JPSC-led consortium for $12.9 billion. Essar Oil's refinery and the oil terminal at Vadinar in Gujarat will give Russia's state-owned major a strategic place in the Asian oil market which is expanding rapidly, strengthening President Vladimir Putin's foreign policy influence by controlling crucial oil assets.
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