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Essar restarts petro project

Vadinar (Jamnagar), Feb. 13 (PTI): The Rs 5,700-crore Essar group has recommenced the 12-million-tonne mega refinery project in Gujarat, which was stalled since 1999.

This move follows the groupís tie-ups with financial institutions as part of its efforts to emerge as the second private firm after Reliance to become an integrated petroleum company, sources said.

After obtaining all clearances and getting the go-ahead by end of January, Essar director Prashant Ruia chose February 6, the festival day of Basant Panchami, to perform a puja on the site to kick off the Rs 8,000-crore project.

The company has invested Rs 6,300 crore on the project, including the terminal which provides natural deep draft suitable for berthing very large crude carrier and is closer to the source of crude supply.

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