Reuters reported that Essar Oil (NSE:ESSAROIL) has surged the processing of heavy and ultra heavy crudes at the Vadinar refinery to raise margins by $7-$8/bbl over benchmark Singapore margins.
As quoted in the market news:
In June, Essar upgraded its refinery to process 405,000 barrels of oil a day, or about 9 percent of India’s refining capacity, and raised complexity to handle cheaper heavy grades. It processed 89 percent of heavy and ultra-heavy crude in April-June period, higher than 66 percent in the same period a year ago, managing director L.K. Gupta told reporters on a conference call on earnings for the first quarter of this financial year.