Essar Energy PLC (ESSR) - Essar Energy commissions second unit at Vadinar P2 RNS Number : 8631Q Essar Energy plc 12 November 2012 Essar Energy commissions second unit at Vadinar P2 power plant November 12, 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that it has now commissioned the second of two 255 megawatt units at its Vadinar Phase 2 (P2) power generation project in Gujarat state. The coal fired Vadinar P2 plant, with a total 510MW capacity, is now fully commissioned, providing power and process steam to Essar Oil's nearby Vadinar oil refinery, which has a capacity of 20 million tonnes per annum/405,000 barrels per day. The addition of coal fired generation will significantly lower generation costs and result in improved refinery margins. Power will also be sold to Essar Steel and into the merchant market. Essar Energy's installed generation capacity now stands at 3,310MW, an increase of 1,710MW over the past 12 months. Of this, 2,110MW is captive capacity supplying power to Essar's refinery and steel plants, with revenues largely dependent on power plant availability rather than power generated. Naresh Nayyar, Essar Energy chief executive, said: "The commissioning of the second unit at Vadinar P2 is an important step forward for our power business and also for the refinery given the positive impact this will have on margins." For further information on Essar Energy, please visit www.essarenergy.com For further information on the Essar Group, please visit www.essar.com Alternatively, please contact: Essar Energy Mark Lidiard, Director of Investor Relations & Communications +44 20 7408 8714 or +44 7554 440421 Andrew Turpin, Head of Media Relations +44 20 7408 8702 or +44 7827 283659 Capital MS&L Richard Campbell +44 20 7307 5334 or +44 7775 784 933 Nicholas Bastin +44 20 7255 5117 or +44 7931 500 066 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 3,310MW of installed capacity and projects under 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 following the completion in 2012 of the expansion and optimisation projects. About Essar Group The Essar Group is a global conglomerate and a leading player in the sectors of Steel, Energy (Oil & Gas and Power), Infrastructure (Ports, Projects & Concessions) and Services (Shipping, Telecom, Realty and Business Process Outsourcing). With operations in more than 25 countries across five continents, the group employs 75,000 people and has revenues of over US$ 27 billion. * * * This announcement contains certain forward-looking statements, including statements regarding Group'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 the Group 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 the Group'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. The Group 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 the Group'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 the Group 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 END MSCGIBDBUBBBGDD -0- Nov/12/2012 08:30 GMT
Essar Energy PLC ESSR Essar Energy commissions second unit at Vadinar P2
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