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Journalism of Courage
MUMBAI, NOV 28: The net profit of the Essar Oil Ltd, has gone up marginally from Rs 13.59 crore to Rs 14.22 crore. The gross income for the six months of the current fiscal has come down to Rs 115.82 crore as against Rs 129.44 crore last year.
This was mainly due to curtailment in off-shore activity in Bombay High by the ONGC for the second year in succession, said Essar Oil managing director, R K Sukhdevsinhji. He said the 10.5 mtpa refinery of the company was at an advanced stage of implementation. Trial runs will begin by the second quarter of 1999. On oil exploration, he said the company planned to invest $ 5 million in the first phase of exploration for two onshore blocks in Rajasthan and one in Mumbai offshore basin.
