Essar Oil to raise $750 mn for expansion

New Delhi, Aug 31: Private sector refinery major Essar Oil Ltd today said it will raise up to 750 million dollars to expand its refinery capacity.

The company would raise the amount through an issue of foreign convertible bonds, global or American depositary receipts, or other instruments overseas, it said in a statement.

The company owns a 2,10,000 barrels per day (bpd) refinery at Vadinar, Gujarat. The refinery currently runs at 1,50,000 bpd and is expected to reach full capacity by October.

Moreover, Essar Oil plans to build a new 3,20,000 bpd refinery in a special economic zone in Gujarat.

UNI