ESSAR UP BY 20%
ROSNEFT - Essar Oil Limited (EOL) owned by the Consortium of International Investors led by Rosneft, since March 2017 to date has expanded the retail network Essar-branded fuel stations by 20% reaching 4,200.
Over the past three years, EOL has made good progress in increasing its share on the growing Indian market. As far back as in March 2015, there were around 1,500 Essar branded fuel stations in the country. Over three years the number of fuel stations has grown up more than 2.8 times.
This sales channel will further improve the asset's operational and financial performance thanks to the steadily growing local demand for high added value oil products and EOL's retail development strategy.
The Company intention is to maintain the growth rate in India's retail business. EOL's plans for the next few years allow for the possibility of expanding India's fuel station network to 6,000.
According to the International Energy Agency, by 2040 India's automotive sector will be consuming 132 mmtoe of oil products annually (a growth of 306.8%).
At the moment, the vast majority of EOL's retail network operate under the DODO scheme (dealer owned-dealer operated).
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