Essar Oil (UK) Ltd reported on Wednesday that it finished the first quarter, which ended on June 30, with improved sales, both in terms of value and volume, and that it had stopped importing goods from Russia since April, 2022.
The corporation also claimed that by increasing domestic diesel production and acquiring non-Russian fuel, it had successfully made up for any shortage caused by not importing from Russia.
According to Essar Oil (UK), its sales volume climbed by 10% to 1.72 million tonne during the first quarter of the current fiscal, from 1.57 million tonne the year prior.
Essar Oil (UK) Ltd Chief Executive Officer (CEO) Deepak Maheshwari said " the sales volumes are now largely at pre-Covid levels, adding that the company has strengthened its balance sheet and operating performance."
"We accelerated our support of the UK's transition away from relying on Russian products and have ceased all Russian imports, while ramping up production of UK-made diesel," Maheshwari added.
The UK has historically relied on Russia to provide its diesel needs, thus finding these barrels from alternative domestic or non-Russian sources is a major business problem.
Essar Oil (UK) stopped importing all Russian goods (including diesel) in the middle of April, the business claimed, in support of the UK government's declared restriction on Russian imports that will be put into effect by the end of this calendar year.
According to the business statement, all oil processed at Stanlow comes from US, West African, and North Sea sources.
The business claimed it has developed a group focused on moving toward a low-carbon future.