Essar Oil Ltd has informed that the Board of Directors of the Company at its meeting held on January 29, 2008, inter alia, has transacted the following business:
1. The Company has commissioned all the processing units of its 10.5 mmtpa 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.
2. The Company has decided to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd, with an objective of building a strong fully integrated oil company having upstream, refining and downstream marketing activities. On completion of this exercise, Essar Oil will have nine Oil & Gas and Coal Bed Methane blocks namely: three onshore blocks in Madagascar; one offshore block in Nigeria; oil & gas block in Mehsana, Gujarat; Coal Bed Methane block in Raniganj, West Bengal; offshore field Ratna & R Series and two onshore blocks in Assam.
3. The Board of Directors has considered various capital raising options to meet the funds required for various developmental business activities including expansion of the Refining capacity, exploration and production activities, expanding of marketing network, strengthening of working capital and other business purposes. In order to meet the funds requirements for these purposes, it was decided to raise long term finance by issue of equity shares and/or convertible debentures and/or GDRs/ADRs/FCCBs by way of public and/or private offering in domestic/International market(s) and/or qualified institutional placement for an amount not exceeding USD 2,000 million (approximately Rs 8,000 crore). The Board decided to seek approval of shareholders for passing enabling resolution for issue of further securities for an amount not exceeding USD 2 billion.
4. The Board decided to convene the Extraordinary General meeting on February 28, 2008.
1. The Company has commissioned all the processing units of its 10.5 mmtpa 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.
2. The Company has decided to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd, with an objective of building a strong fully integrated oil company having upstream, refining and downstream marketing activities. On completion of this exercise, Essar Oil will have nine Oil & Gas and Coal Bed Methane blocks namely: three onshore blocks in Madagascar; one offshore block in Nigeria; oil & gas block in Mehsana, Gujarat; Coal Bed Methane block in Raniganj, West Bengal; offshore field Ratna & R Series and two onshore blocks in Assam.
3. The Board of Directors has considered various capital raising options to meet the funds required for various developmental business activities including expansion of the Refining capacity, exploration and production activities, expanding of marketing network, strengthening of working capital and other business purposes. In order to meet the funds requirements for these purposes, it was decided to raise long term finance by issue of equity shares and/or convertible debentures and/or GDRs/ADRs/FCCBs by way of public and/or private offering in domestic/International market(s) and/or qualified institutional placement for an amount not exceeding USD 2,000 million (approximately Rs 8,000 crore). The Board decided to seek approval of shareholders for passing enabling resolution for issue of further securities for an amount not exceeding USD 2 billion.
4. The Board decided to convene the Extraordinary General meeting on February 28, 2008.
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