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Our Bureau

Mumbai, Jan 31

Higher expenditure has pushed Essar Oil to post a loss of Rs 13.20 crore for the quarter ending on December 31, 2007.

In the year ago quarter, the company has clocked a profit of Rs 33 lakh.

The net sales increased by a modest 7.15 per cent at Rs 147.03 crore, in the last quarter it was Rs 137.21 crore.

The company has also decided to raise $2 billion (Rs 8,000 crore) for expanding its refining capacity, marketing network and exploration and production activities.

The raising of funds would be done through, equity shares, convertible debentures, GDSs/ADRs/FCCBs and qualified institutional placement.

Essar has commissioned all the processing units of its 10.5 million tonnes per annum (mtpa) Vadinar refinery.

All the units are expected to reach full capacity by the end of this quarter.

In addition the dispatch facilities by rail and road have also been fully commissioned, the company said in a press release.

The exploration and production activities of the company would be consolidated under a proposed subsidiary, Essar Exploration & Production Ltd, the release said.

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