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Essar Oil – Analysts' Meet – May, 2008

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Essar Oil – Analysts' Meet – May, 2008 Essar Oil – Analysts’ Meet – May, 2008 Strictly Private & Confidential Confidential Disclaimer 2 Confidential Table of Contents ¾ Essar Group Overview ¾ Essar Oil Limited Refining Business Overview Exploration & Production Business Marketing and Distribution Business ¾ Market Overview & Operation Performance ¾ Refining Expansion Rationale Project parameters Project Cost & Financing ¾ Management Team 3 Essar Group Overview Confidential Essar: Amongst the Leading Indian Business Houses Essar Global Limited Essar Essar Essar Steel Essar Energy Essar Essar Shipping & Communications Power Holdings Holdings Limited Holdings Limited Projects Limited Logistics Limited Holdings Limited Limited Essar Steel Essar Oil Vodafone Essar Essar Power / Bhander Essar Construction Essar Shipping Power Existing 45 million subscribers 4.6 MTPA Integrated Refining 1015 MW combined ▪ Engineering Fleet of 24 vessels, Steel Plant (‘ISP’) Telecom Tower & cycle ▪ Fabrication DWT of 1.3 mn Refinery Complex - 10.5 Infrastructure Expansion Essar Steel - Hazira ▪ Construction Vadinar Oil MMTPA Essar Power (MP) 3,000 towers Terminal 4 MTPA ISP * Limited – 1200 MW Expanding capacity to Fully geared to execute Terminal facility of 33 Essar Steel Orissa Essar Telecom Retail Essar Power (Gujarat) 34 MMTPA turnkey EPC jobs in MMTPA – Liquid Cargo 6 MTPA Pellet Plant* Chain of over 750 retail Limited – 1200 MW India and Overseas being expanded to 96 outlets Oil Retail Marketing Essar Power MMTPA Algoma Steel, Canada Aegis - BPO Jharkhand Limited – Global Supplies Essar Oilfields 4.0 MTPA ISP 1274 Retail Outlets 1200 MW (UAE)FZE Amongst the largest Global procurement A drilling company with Exploration & BPO’s in India, with 9 (2) 13 rigs Minnesota Steel, US Vadinar Power company •6 MTPA Pellet Plant* Production Blocks: centers in India and 9 •1.4 biliion tonnes Iron centers in USA • Power Generation Essar Logistics ▪ Ratna, India Capacity of 77MW Ore Reserves BPL Mobile Owns and operates ▪ Mehsana, India being expanded to transshipment assets P T Essar Indonesia ▪ Raniganj, India 1 Million subscribers 1200 MW in two 0.4 MTPA cold rolling ▪ Assam phases. Essar Bulk Terminal Complex (1) Kenyan Mobile ▪ Madagascar License Dry bulk port facilities (1) Essar Steelhypermart ▪ Nigeria ▪ Vietnam(1) (1) Under transfer (2) In the process of owning a majority stake of upto 74% * Projects under implementation 5 Confidential With A Long-Term Growth Vision For The Energy Sector Setup Indian retail network of 5,000 outlets and establish footprint in important export markets Significant Presence throughout hydrocarbon value-chain Crude Oil - 30% of refining capacity Gas – 100% of group feed stock requirement Target refining capacity – 1 million bpd with state of the art technology Vision to be a fully integrated energy group with global footprint 6 Confidential Essar Oil Limited – An Integrated Energy Company Essar Energy Holding Limited Essar Oil Limited Exploration & Refining Marketing & Distribution Production Network Blocks Existing (EOL) Essar Oil Vadinar Ltd. • Develop & Maintain well Essar Exploration & spread out distribution Indian Production Limited network (Mauritius)* • Presently 1274 retail • 10.5 MMTPA • Capacity Expansion outlets Refinery Train 2 – 16 to 34 • 7 Terminals & 9 Depots •Ratna • Capacity Expansion MMTPA (Train – II) •Mehsana from 10.5 to 16 EEPL - Nigeria • Madagascar MMTPA (Train-I) • Raniganj •Vietnam • Assam •Nigeria Block * Under transfer 7 Essar Oil: Refining Business Overview Confidential Strategically Located World Class Refinery Operational Highlights ● Commenced Commercial Production (from May 1, 2008) and operating at well above rated capacity of 10.5 mmtpa ● Designed as a cracking refinery utilising FCC as major conversion technology with complexity of 6.1 ● Location advantage at Vadinar, Gujarat ● Internationally acclaimed technology from process licensors (ABB- Lummus, Axens, Shaw Stone & Webster, Stork Comprimo, Merichem) ● Currently producing Euro II/III Products, processed about 67 million barrels of crude till 30/4/08 ● Significant tax benefits – Income Tax & Sales Tax ● Home market demand (PSU and private refiners) providing strong market for our products Domestic Demand Customers Vadinar Euro II / III Markets Globally Suppliers Refinery is up and running with key captive infrastructure in place 9 Confidential Existing Refinery – Configuration Commissioning S.N. UNIT MMTPA Technology Licensor Date (Trial) 1 Crude & Vaccum Distillation Unit Open Art November, 2006 (CDU)/ (VDU) 10.5 /7.2 (ABB Lummus) 2 Visbreaker Unit (VBU) Axens, France January, 2007 1.9 3 Naphtha Hydrotreating Unit (NHT) Axens, France February, 2007 1.6 4 Continuous Catalytic Reformer (CCR) Axens, France February, 2007 0.9 5 Fluid Catalytic Cracking Unit (FCCU) Shaw – Stone & Webster, December, 2007 2.9 USA 6 Diesel Hydrodesulphurisation Unit Axens, France January, 2008 (DHDS) 3.7 7 Amine Regeneration Unit ABB December, 2007 2.02 8 Sulphur Recovery Unit Jacobs February, 2008 422 tpd 10 Confidential Refinery Trial Run Operations ● Processed about 67 mln barrels of crude since inception ● Processed about 21 types of crude with a wide variety of assays: Gravity, Sulphur content & TAN ● No unplanned outages of the Crude Unit. ● Secondary Units ( FCCU, DHDS, Sulphur Block ) are operating stably beyond name plate capacity. ● Utilities have operated reliably throughout the period and have supported the increase in throughput. ● Dispatch facilities have ensured smooth evacuation of products even at higher rates ● Lost Time Injury Frequency Rate during first year was 0.2 per million hours, which is world class. Refinery currently operating at 12.5 MMTPA 11 Confidential Tax Benefits ¾ Income Tax Benefit 100% income-tax exemption on refinery profits for 7 years under section 80-IB ¾ Sales Tax/ VAT Deferral Benefit Gujarat High Court vide its Order dated April 22, 2008 has restored the benefits by extending the time limit for production to 02/04/2007 Further GHC directed that the following conditions shall be stipulated provided the final eligibility certificate is issued within one month from the date of receipt of judgment : Benefit of deferment of Sales Tax / VAT on Sales made upto 14th August, 2020 No refund of Sales Tax / VAT already paid by the petitioner Reduction of Rs. 700 crore from the total value of incentive Based on above, estimated Sale Tax Deferral is approx. USD 2 billion 12 Confidential ..And Ability to Leverage Synergies with Group Companies Essar Shipping SBM Port Handling Tank Farms Vadinar Oil Terminal Limited Refinery Essar Vadinar Power Construction Plant Township Essar Steel 13 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity 14 SBM Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity 15 COT Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Main Refinery 16 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Water Intake 17 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Captive Power Plant 18 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity CDU / VDU 19 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity VBU Treaters 20 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity NHT / CCR 21 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity FCCU 22 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Diesel Hydro Desulphurization (DHDS) 23 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Aromatics Recovery Unit / Sulphur Recovery Unit (ARU / SRU) 24 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Dispatch Area 25 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Truck Gantry 26 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Rail Loading Gantry 27 Confidential End to End Infrastructure in Place with Ability to Ramp Up Capacity Product Jetty 28 Exploration and Production Business Confidential E&P Assets Assam ● 100% interest in 2 Gujarat exploration blocks ● 70% operatorship interest in Mehsana block CB-ON/3 ● Certified 2P Reserves of 2.7 mmbbl of oil in one discovery alone West Bengal ● 100% interest in RG(East)- Nigeria * CBM-2001/1 block in Ratna Durgapur, WB ● 63% interest in offshore block OPL 226 ● 50% joint operators interest in Ratna & R series blocks Vietnam * ● Certified 2P Reserves of ● 100% interest in Offshore 161 mmboe block 114. Madagascar * ● 100% interest in 3 exploration blocks * Under transfer 30 Strong E&P footprint with plans to expand Globally Confidential E & P - Performance 180 Sqkm of 3D seismic acquired and 10 wells drilled in block CB-ON/3, Mehsana. Currently producing from one field with certified 2P of 2.7 mmbbls and 2 additional discoveries under appraisal. Produced and sold more than 17,000 bbls of crude oil. 15 core holes drilled and coal tested for permeability, gas content, etc. in CBM block in Raniganj. drilling of 15 test wells and acquisition of 120 LKM of seismic under progress. Spent about US$ 75 Mn on Exploration & Production during financial year 2007-08. Committed work programme in the current phase of existing blocks is to the tune of US$ 290 Mn of which US$ 130 Mn will be spent in current financial year. Work programme includes: G&G evaluation and seismic programmes in Assam,
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