essar oil limited annual performance review · 2010. 2. 17. · oil prices have declined (dubai...
TRANSCRIPT
Essar Oil LimitedAnnual Performance Review
Roadshow Presentation May 2009
1
Disclaimer
All information and material in this presentation is provided by Essar Oil Limited (“Company”) on an "as is" basis. No informationcontained herein has been verified for truthfulness completeness, accuracy, reliability or otherwise whatsoever by anyone. While theCompany will use reasonable efforts to provide reliable information through this presentation, no representation or warranty (express orimplied) of any nature is made nor is any responsibility or liability of any kind accepted by the Company or its directors or employees,with respect to the truthfulness, completeness, accuracy or reliability or otherwise whatsoever of any information, projection,representation or warranty (expressed or implied) or omissions in this presentation. Neither the Company nor anyone else accepts anyliability whatsoever for any loss, howsoever, arising from any use or reliance on this presentation or its contents or otherwise arising inconnection therewith.
This presentation may not be used, reproduced, copied, published, distributed, shared, transmitted or disseminated in any manner.
This presentation is for information purposes only and does not constitute an offer, invitation, solicitation or advertisement in anyjurisdiction with respect to the purchase or sale of any security of Essar Oil Limited (the “Company”) and no part or all of it shall form thebasis of or be relied upon in connection with any contract, investment decision or commitment whatsoever. No offering of securities ofthe Company will be made except by means of a statutory offering document containing detailed information about the Company.
This presentation is not a complete description of the Company. Certain statements in the presentation contain words or phrases thatare forward looking statements based on currently held views and assumptions of management which are expressed in good faith. Allforward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, financial conditions,performance or achievements of the Company/Industry to differ materially from those contemplated / implied by the relevant forwardlooking statement. No opinion, estimate or projection herein constitutes a judgment as of the date of this presentation, and there can beno assurance that future results or events will be consistent with any such opinion, estimate or projection and hence, all concerned arecautioned not to place undue reliance on these statements. The information in this presentation is subject to change without notice, itsaccuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Company.We do not have any obligation to, and do not intend to, update or otherwise revise any statements reflecting circumstances arising afterthe date of this presentation or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.
2
Essar Oil: An Integrated Oil and Gas Player
Expansion to 16 MMTPA by Dec ‘10and 34 MMTPA to by Dec ‘11
Significant group synergies to beleveraged
50% interest in Ratna/ R-Series blocks(Gross 1P oil and gas reserve of 89mmboe)
100% interest in RG-CBM block inDurgapur, WB
Significant potential from other assets
16 supply points spread across Indiawith seven terminals and nine depots
Well positioned to capture petroleumretail growth opportunity
Base capacity of 10.5 MMTPA– Presently operating at
123% capacity Expansion to 34.0 MMTPA
Develop and Maintainwell spread outdistribution network
Presently 1,276 retail outlets
Ratna Mehsana Raniganj Assam
Refining Exploration Marketing
International* Madagascar Nigeria Indonesia
* Subject to necessary approvals for transferNote: Reserves as per ONGC estimates
1,731Employees
38.0%Free Float (Equity Shares without GDS)
4,546Market Capitalisation (US$ mn) (5/25/09)
88.6%Promoter’s Ownership (including GDS)
1,201.6Number of Shares (mn)
ESSAR OILTicker (BSE)
Essar Oil Limited at a Glance
3
With a Long-term Growth Vision for the Energy Sector
Vision to be a fully integrated energy group with global footprint.
Significant PresenceThroughout
HydrocarbonValue-chain
Setup Indian retailnetwork of 5,000 outletsand establish footprint
in important exportmarkets
Target refining capacity– 1 million bpd with
state of the arttechnology
Crude Oil – 30% ofrefining capacity
Gas – 100% of groupfeed stock requirement
4
Industry Environment
5
Oil Prices and Demand Trends
Oil Prices Have Declined (Dubai Crude Movement from April 2008) ($/bbl)
2008–2009 showed unprecedented volatility in crude oil prices
Crude Oil price recovered lost ground in 4Q, however long lasting economic crisis and major fall in Oil demand still present
0
20
40
60
80
100
120
140
160
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09
11 July 2008
US$147.27/bbl
19 December 2008
US$32.40 /bbl
88.387.1 87.0 86.7
80
82
84
86
88
90
2Q08 3Q08 4Q08 1Q09
(mbp
d)
Oil Consumptions On a Declining Trend
Downturn resulted into demand destruction of 1.3mmb/d (against increase in demand forecast at 1.5mmb/d for 2008)
Source: Bloomberg
31 March 2009
US$49.66 /bbl
Current
US$60.1 /bbl
Source: IEA
6
Light Heavy Crude Price Differentials
Light Heavy Differentials Have Tightened
20
40
60
80
100
120
140
Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09
(US
$pe
rbar
rel)
Bonny Light Arab Light Arab Heavy Maya
Fall in light (Bonny Light) and heavy crude price (Maya) differential in line with fall in crude price Light and Heavy differential continues to be in the range of 16% - 18% of Bonny light crude price
Source: Platts
7
Products Crack Trends
Crack Spreads Remain Volatile
Refinery margins slumped in all regions in Q4 for refineries, both complex and simple
HSD cracks finally found a floor in March since then clawed back to US$11/bbl
MS cracks bounced back strongly in February 2009 after averaged at zero in December 2008
(40)
(30)
(20)
(10)
0
10
20
30
40
50
Apr-08 Jul-08 Oct-08 Jan-09 Apr-09
(US
$/bb
l)
HSFO 180 Singapore Gasoil Reg 0.5% Singapore
Kero Singapore Mogas 92 unl Singapore
Cracks/bbl 1Q 2Q 3Q 4Q
MS/Gasoline 12 4 2 8
HSD/Gasoil 38 26 18 9
Kerosene 37 29 22 11
Fuel Oil (26) (12) (9) (5)
Cracks/bbl 1Q 2Q 3Q 4Q
MS/Gasoline 12 4 2 8
HSD/Gasoil 38 26 18 9
Kerosene 37 29 22 11
Fuel Oil (26) (12) (9) (5)
Source: Platts
8
Global Refining Capacity Utilizations
Asia-Pacific refineries have demonstrated better capacity utilisation.
70
75
80
85
90
95
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09
(Period)
(Ref
iner
yR
un)
North America Europe Asia-Pacific
Source: IEA
10
Demand Expected to Remain Strong in the Long Term
GDP and Oil Demand GrowthCorrelation Between GDP and Oil Demand Growth
(0.75)%
(0.25)%
0.25%
0.75%
1.25%
1.75%
2.25%
2.75%
3.25%
3.75%
4.25%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GDP Grow th Oil Demand Grow th
RecoveryAfter the
Recessionin theEarly1990s
AsianFinancial
Crisis
TechnologyBubbleBurst
EmergingMarketsDrivingStrongWorld
Growth
GlobalEconomic
Crisis
Source: Euromonitor, BP, Wood Mackenzie
11
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2007 2008 2009 2010 2011 2012 2013 2014 2015
(mbp
d)
2009 Outlook 12 Months Ago 24 Months Ago
Delay in Global Additions and Ageing Domestic Capacities
Due to financial crisis,companies haveresorted to major cuts intheir Capex spending.
Cost Inflation, Regulatory Hurdles, Economic andFinancing are Resulting in Delays
IOCL
HPCL
BPCL
HPCL
IOCL
Kochi
IOCL
CPCL
IOCL
Bongaigaon
IOCL
IOCL
Numaligarh
CPCL
MRPL
IOCL
Reliance
ONGC
Capacity MMPTA
33.0
12.0
9.7
1.0
3.0
8.0
6.0
2.4
13.7
9.5
6.0
7.5
1.0
7.5
12.0
5.5
0.7
0.1
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
2001
1999
1998
1996
1993
1993
1982
1975
1974
1965
1965
1964
1963
1962
1957
1955
1954
1901
Lare Domestic Refining Ageing Profile
Source: Ministry of petroleumSource: Wood Mackenzie, Hart Energy
12
Complex Refiners (Especially India),Expected to Emerge Stronger
Current capacity of 64 MMTPA Integrated petrochemicals plants
and refineries Current total Europe and Eurasia
capacity of 1,251 MMTPA
Netherlands
Current US capacity of872 MMTPA
Gulf coast home to ~50% of allUS refining capacity
Accounts for significant share ofall US refined products exports
US / Gulf Coast
Leveraged their crude supply/reserves to emerge as a strongexport hub
Current capacity of 366 MMTPA Significant exports with a large
part of exports to Asia & Far East
Middle East
Over 90 MMTPA refining capacityat a single location at Vadinar
Modern high complexity refinerieswith Euro IV and Euro Vproduct capabilities
Amongst the lowest capital andoperating costs
Export hub anchored with growingregional market
India
Export Hub Refining capacity: 63 MMTPA Key Markets: ASEAN countries,
Japan and China
Singapore
High complexity resulting in premium product while processing cheap opportunity crude,low Capex and low Opex driving competitiveness.
Source: BP Statistical Review of World Energy June 2008, Oil and Gas Journal
Current Hub
13
Business Overview
14
Strategically Located World Class Refinery
Commercial production commenced since 1 May 2008. Refinery capacity of 10.5 MMTPA operating at 123%capacity
Currently capable of producing Euro II / III Products, Designed as a cracking refinery utilising FCC as majorconversion technology with complexity of 6.1
Location advantage at Vadinar, Gujarat Internationally acclaimed technology from process licensors (ABB, Axens, Shaw Stone and Webster, Stork
Comprimo, Merichem etc.) Significant tax benefits – (Income tax and Sales tax deferral) Expansion to 16 MTPA underway (by December 2010) and to 34MTPA (by December 2011)
Euro II / IIIMarkets Globally
Suppliers
Customers
Vadinar
DomesticDemand
15
End to End Infrastructure in Place
SBM COT Water Intake Captive Power Plant
Main Refinery
CDU / VDU VBU Treaters NHT / CCR FCCU DHDS ARU/ SRU
Dispatch Area
Administration
Truck Gantry Rail GantryProduct
Jetty
22Km 7Km 18Km
16
Ability to Leverage Synergies with Group Companies
Vadinar Oil Terminal Limited
Township
SBM Port Handling Tank Farms
Refinery
EssarConstruction
Vadinar PowerPlant
Essar Steel
Essar Shipping
17
Expansion Project
18
Ramping Up Capacity to 34 MMTPA withComplexity 12.8
6.1 Complexity14.0 MMTPA
11.8 Complexity16.0 MMTPA
6.1 Complexity10.5 MMTPA
EURO V/US spec/CARBSEURO IV / VUpto Euro III / IVUpto Euro IIIProduct Grade
2.0%
35.5
Base Refinery
Planned December 2011December 2010TodayPeriod
Particular Operational Refinery Phase – I Phase – II
Refinery Details
12.8 Complexity34.0 MMTPA
API (Density) Avg. 31.5 24.8 24.0
Sulphur % Avg. 2.0% 3.0% 3.0%
19
Euro V61%
Euro II11%Euro IV
28%
Expanding to 34 MMTPA with Higher Complexity
6.4 5.0
10.911.2
7.9
8.45.3
3.8
8.3
3.4
4.2
5.3
15.7
28.2
7.3
23.6
8.1
35.9
38.144.1
16.0
14 MMTPA *(6.1 NCI)
34 MMTPA*(12.8 NCI)
Diesel: 12.2 MMTPA
Gasoline: 9.6 MMTPAGasoline
Diesel
Fuel & LossResidue
Others
ATF / SKO
Product Slate as % of total* Expected and could change from time to time depending on market dynamics
Note: Others include bitumen, sulphur and HDT VGO
Propylene
LPG / Naphta
Fuel Oil
Pet Coke
2.9
Conversion of entire negative margin FO into high value added products and Pet Coke Enhancing ability to process Tough and Sour Crude Build flexibility between light and middle distillates Flexibility to produce petrochemical feed stock Euro V grade at 90% in MS pool and 61% in HSD pool
Euro V90%
Euro IV10%
16 MMTPA *(11.8 NCI)
Expected Substantial Increase inGross Refinery Margin.
20
Project Cost and Means of Finance
5,500Total Cost
Project Cost US$mn
Phase I 1,560
Phase II 3,940
1,560Total Cost
Means of Finance – Phase I US$mn
Equity 640
Debt 920
Financial closure expected in June 2009 US$100 million disbursed and Capex LC worth
US$320 million (Rs. 1,600 Crs) already opened Promoters infused US$300 million as towards
equity Phase – I of the Expansion Project to expand the
capacity of Refinery to 16 MMTPA will becompleted by 31/12/2010
Considering the impact of global macroeconomic development completion schedule ofPhase – II of the Project (18 MMTPA) reviewed– Objective to ensure the expansion in capacity
matches with global demand revival– Now, it is expected to be commissioned by
31/12/2011
3,940Total Cost
Means of Finance – Phase II US$mn
Equity 1,560
Debt 2,380
21
Support from World Class Partners (16MMTPA)
BasicEngineering
DetailedEngineering
Procurement Construction
All Basic EngineeringCompleted 100%
Short / Long Leaditems’ Datasheetsissued for procurement
Detail engineering is inadvanced stage
Overall DetailedEngineering CompletionStatus – 71.33%.Balance by Q3 2009
One unit ( CDU/VDU)90 % and 8 units 60%.
Model reviewcompleted
Drawings released tocommence civil work
All Short/Long Leaditems to be ordered byJun-Jul 2009
Other equipments bidanalysis in progressand ordering to becompleted by Jul 2009
Bulk material frommodel review is beingreleased for ordering tobe completed by Jul-Aug 2009
Pipe rack work commencedin 2009
Foundation for all pipe rackand major equipment is inprogress
100,000 M3 of concretingcompleted out of 350,000M3
940 MT Structural Steelfabricated & 650 MTerected
11,000 MT of Tankage workcompleted
Leverage Essar project execution capabilities & existing vendor relations for rapidexecution of expansion
22
Implementation Schedule
Refinery Debottlenecking and Upgradation – 16 MMTPA
Start CommercialProduction
Stabilisation and Trial Run
Oil In
Mechanical Completion
Construction/Erection
Procurement – GeneralItems
Procurement – Long LeadItems
Detailed Engineering
Basic Engineering
Debottlenecking andUpgradation
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1QActivity
20112009 201020082007
23
Exploration and Production Updates
24
E&P Assets
63% interest in offshoreblock OPL 226.
Nigeria (1)
100% interest in threeexploration blocks.
Madagascar (1)
100% interest in twoexploration blocks.
Assam (1)
100% interest in RG(East)-CBM-2001/1 block inDurgapur, WB.
West Bengal
70% operatorship interestin Mehsana block CB-ON/3
Certified 2P Reserves of2.7mmbbl of oil in onediscovery alone.
Gujarat
50% joint operators interestin Ratna & R series blocks
Certified 1P Reserve of 89mmboe.
Ratna
Strong E&P footprint with plans to expand Globally.
50% joint operators interestin Mumbai offshoreexploration block wonunder NELP VII.
Mumbai Offshore (1)
49.5% interest in SouthEast Tungkal block.
Indonesia (1)
(1) Subject to necessary approvals for transfer
25
Exploration and Production Updates
Raniganj RG(E)-CBM-2001/1
– Raniganj block has high prospects of recoverable reserves
– Deployment of Innovative and Cost effective technique for drilling of Production Test Wells
– Estimated CBM production per well is more than 5,000 SCMD
– Identification of Consumers and Markets are underway
– Infrastructure for the collection and compression of gas is being set up
– Commercial Production expected to begin shortly
Ratna and R Series Block
– PSC is yet to be executed by Government of India
Other Blocks are at exploratory stage
26
Operational Performance
27
Performance Overview (FY2008–2009) (11 months)
Crude Throughput for the Year: 11.95 million tonnes
Refinery consistently operating above 12.5 MMTPA (123% capacity utilisation) in first year ofcommercial operation
Domestic and Export Ratio: 74% and 26%
Gross Refinery Margin: US$8.89/bbl
Processed more than 20 types of crudes during the year
Avg. API (Density) – 32, Avg. Sulphur % – 2.0 and Avg. TAN – 0.50
Firm arrangements with HPCL, BPCL and IOC for product off-take of 7 million tonnes andinfrastructure sharing provides strong foothold in domestic market
Crude Utilisation 1Q 2Q 3Q 4Q
Light and Sweet Crude 40% 36% 31% 30%
Sour and Tough Crude 60% 64% 69% 70%
Total 100% 100% 100% 100%
100%100%100%100%Total
Product Slate 1Q 2Q 3Q 4Q
Light Distillates 23.7% 20.4% 19.6% 21.7%
Middle Distillates 42.9% 44.9% 46.4% 45.7%
Heavy Distillates 33.3% 34.7% 34.0% 32.6%
28
Capacity Utilisation Trends (FY09)
(% Utilisation)
Source: PPAC.
130123 122
104 10397 97
92
75
0
30
60
90
120
150
MRPL EOL HPCL IOC BPCL RIL CPCL BRPL NRL
Capacity utilisation one of the highest in the industry in first year of commercial production.
29
EOL’s GRM vs. Singapore Cracking
GRM
Strong platform to improve the performance for next year after recovering from forex and Inventorylosses in third quarter.
5.815.48
10.92
8.17
3.78
12.54
6.59
2.26
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1Q 2Q 3Q 4Q
Singapore Cracking EOL's GRM
Source: Platts
30
Sales Analysis (FY2008–2009) (11 months)
100%Total
0.3%Sulphur/VGO
0.7%Bitumen
15.7%Fuel Oil
53.5%Diesel
5.8%ATF / SKO
ProductsRevenue
Realised (%)
LPG 4.0%
Naphtha 0.3%
Motor Spirit 19.6%
70% 71%78% 78%
30% 29%22% 22%
0%15%30%45%60%75%90%
1Q 2Q 3Q 4QDomestic Export
92.7% 89.5%74.7%
6.0% 7.0% 7.0% 11.0%0.0% 0.0% 4.0%
14.0%
93.6%
0%20%
40%60%
80%100%
1Q 2Q 3Q 4QPSUs Bulk Sales Retail Sales
Source: As % of Domestic Sales value.
Company is aiming to increase presence in domestic market by increasing Retail and Direct Sales.
Bitumen Sales touched 108 TMT during the quarter, within 4-month of its production, the company has captured 10% ofIndian Market
Multiple Infrastructure Capability to deliver products by Road, Rail and Coastal transportation Retail Sales jumped to 14% of Domestic Sales in 4Q as compared to 4% in last Quarter primarily due to reactivation of
Retail Outlets and increase in Retail Sales of MS and HSD Retail Sales increased to ~US$150 million in 4Q from as compared to ~US$ 45 million in 3Q due to maintenance of RSP at
PSU level
Marketing Development
31
Marketing and Retail
Pan India Presence with 1,276 retail Outlets
3
78
8
22
31
2
1
199
46
29
72
39
44
173
1106
34
53
101
1
61
1
191
8
25
1
First private company in India to enter petroretailing sector (2003) through a franchisee model
1,184 are operational as on 31 March 2009
Positive Gross Margin on MS and HSD
Present revenue from retail is ~US$50 millionper month
Flexible Model to optimise profit both in short and long-term.
32
Financial Performance
33
Performance Overview 4Q (January–March 2009)
Highest Quarterly Profit due to stable crude prices, favourable crude mix and enhancedfocus on value added products in domestic market.
Crude Throughput for the quarter: 3.31 million tonnes
Gross Revenue from Operation: US$ 1,592 million (Rs. 8,041 crores)
Domestic and Export Ratio: 78% and 22%
Gross Refinery Margin: US$10.92/bbl
Operational EBIDTA: US$ 225 million (Rs. 1,125 crores)
Operating Cash Profit: US$ 161 million (Rs. 804 crores)
Profit After Tax: US$131 million (Rs. 660 crores)
Bitumen Sales surged to US$ 47 million (Rs. 233 crores), constitutes 4.5% of Domestic Sales
Retail Sales zoomed three fold to US$ 146 million (Rs. 732 crores) as compared to last quarter
Note: FX rate for conversion to US$ assumed at Rs 50.5 / US$ for the period January- March 2009
34
Performance Overview (FY2008–2009) (11 Months)
Managed to earn cash profit despite unprecedented volatility in Crude Pricesand Fluctuation in Foreign Exchange Rates.
Commencement of Commercial Production: May 2008
Crude Throughput for the year: 11.95 million tonnes
Refinery consistently operating at 123% of its name plate capacity
Gross Revenue from Operation: US$ 8,898 million (Rs. 41,856 crores)
Domestic and Export Ratio: 74% and 26%
Gross Refinery Margin: US$8.89/bbl
Operational EBIDTA: US$ 256 million (Rs.1,202 crore)
Operating Cash Profit: US$ 24 million (Rs.111 crore)
Profit After Tax – Negative US$ 109 million (Rs. 514 crores) due to inventory and forex loss
Note: FX rate for conversion to US$ assumed at Rs 47.04 / US$ for FY08-09
35
Tax Benefits
Income Tax Benefit
100% income-tax exemption on refinery profits for seven years under section 80-IB until
Sales Tax/VAT Deferral Benefit
Sales Tax Deferment benefit available of ~US$ 1,800 million (Rs.9,100 crores)
Huge benefits in terms of NPV and Cash Flow availability
Deferment upto August 2020 or exhaustion of limit, whichever is earlier
Repayment will be in six equal annual installments thereafter
Gujarat High Court has given a decision in favour of company for deferment of sales tax collection
Gujarat government preferred an appeal before the Supreme Court against the order of Gujarat
High Court
Presently, the company is availing the deferment benefit
36
Financial Performance
8.89
(109)
(6)
(116)
139
24
232
256
268
220
7,271
8,014
31
7,984
914
8,898
11 Months
May ’08-March ’09
10.92
131
(6)
125
35
159
63
223
(19)
66
1,083
1,353
8
1,345
247
1,592
Q4
(Jan - Mar 09)
GRM (US$/bbl)
PAT
Tax
PBT
Depreciation
Operational Cash Profit
Interest and Financial Charges
Operational EBIDTA
Forex Loss
Operational Expenditure
Cost of Goods Sold
Total Income
US$ in million
Gross Sales/Income from Operation
Less: Excise Duty and Taxes
Net Income from Operation
Other Income
Note:FX rate for conversion to US$ assumed at Rs 47.0 / US$ for FY08-09FX rate for conversion to US$ assumed at Rs 50.5 / US$ for the period January- March 2009
37
Refinery Business: Set to Deliver Strong Value
Building an Environmental Friendly “Green Refinery”.
Strategic Location, Proximity toCrude, Access to End Markets
One of the Largest Single LocationRefineries Globally – Economies of
Scale Benefits
High Complexity, CostCompetitiveness, Product Flexibility
andHigh GRM Potential
Refining Industry Outlook RemainsStrong
India Emerging as a Global RefiningHub
Leverage Existing Project ExecutionCapabilities
and Infrastructure
38
Management Team
39
Experienced Management Team
Naresh K NayyarManaging Director and CEO Chartered Accountant and IIM,
Ahmedabad Alumnus 34 years of experience in Oil and Gas sector
including development of multi billion dollarproject, new markets and global operations in Oiland Gas Industry
Was on the Board of reputed companies likeIOC, ONGC, IBP, and Petronet LNG
Naren VachharajaniCEO – Operations and IST B.Sc, PG Diploma (Marketing Management) from
Centre for Management Studies Over 35 years of rich experience including
18 years with IPCL 13 year of experience with Essar Group
S. ThangapandianCEO – Marketing Over 26 years of experience in the Oil and Gas
industry in Sales and Marketing Previously worked with HPCL Gulf Oil
Petro Fina, RPL With Essar since 2004
P SampathDirector – Finance Cost Accountant Secretary and Company Over 30 years of experience in areas of
Corporate Finance, M&A, Investors Relationsand Management Accounting indiverse industries
Was MD of GHCL Ltd. and Group CFO ofRPG Enterprise Ltd.
Nasir lftikharExecutive Director – Strategy andBusiness Development Graduate (Chemistry), PGD Marketing, Senior
Executive Program, Stanford 20 years of experience in British Petroleum One years in Essar
C ManoharanHead – Refinery Graduate in Chemical Engineering Over 30 years of experience in Refinery
Operations and also has rich experience incommissioning various process units includingFCCU and Hydro Cracker
S. R. AgrawalDirector and CEO of E&P Division Chartered Accountant with over 31 years
experience in oil and gas industry includingheading E&P operation, Finance, Accounts andCommercial activities
With Essar Group since 1986
K GovindarajanCEO – Refinery Expansion Graduate Chemical Engineering Over 25 years experience in refinery projects,
operations, maintenance and supervision Worked with Indian Oil Corporation Ltd. as
Executive Director – Petrochemicals
D. K. JhaHead- EPS MBA from IIPM, Gurgaon and B.Tech
(Chemical), IIT Kanpur Over 25 years of experience including with
Reliance Industries, UOP at NNPC Nigeria andIOC, Barauni Refinery
40
Thank You