Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced the appointment of Volker Schultz as chief executive officer of its key Essar Oil UK subsidiary, which includes the Stanlow Refinery.
Mr Schultz will join Essar Energy from BP, where he has worked for 23 years and currently holds the position of Head of Refining & Marketing Strategy and Portfolio. He will report to the Essar Energy chief executive officer Naresh Nayyar.
Essar Energy acquired Stanlow, the UK’s second largest refinery, from Shell at the end of July through Essar Oil UK. A 100 day exercise is currently under way at Stanlow to identify and prioritise the key operational investments and improvements required at the refinery over the short to medium term to enhance throughput and improve the crude and product slate.
Mr Nayyar said: “We look forward to Mr Schultz’s arrival at Essar Energy. He has a wealth of experience across the oil industry which will be very valuable as he takes over responsibility for developing our UK business.”
Mr Schultz said: “I am very much looking forward to joining Essar Energy and taking on a new challenge. There are many changes currently taking place in the global refining industry which are opening up exciting new opportunities.”
Mr Schultz is expected to join Essar towards the end of October. During his career with BP, he has held a series of senior commercial, strategy, and manufacturing positions. In his current role he has been instrumental in the development and execution of the portfolio strategy for BP’s Refining and Marketing.
Notes to editors:
Mr Schultz has been Head of Refining and Marketing Strategy and Portfolio at BP since May 2009. Previously he held various other senior commercial, strategy, and manufacturing positions including Vice President Refining & Marketing Planning & Performance Reporting (BP Head Office, London), Business Unit Leader and Managing Director of BP Lingen Refinery (Germany), Works General Manager and Managing Director of the BP Marl Styrenics chemicals site (Germany), and CFO at the BPAmoco Yorktown refinery (United States).
Mr Schultz holds a Master of Science in Management from the Stanford University Graduate School of Business and a Bachelor of Science in Chemical Engineering from the University of KwaZulu-Natal in South Africa.
Alternatively, please contact:
Mark Lidiard, Director of Investor Relations & Communications +44 20 7408 8714 or +44 7554 440421
Andrew Turpin, Head of Media Relations +44 20 7408 8702 or +44 7827 283659
Richard Campbell +44 20 7307 5334 or +44 7775 784 933
Nicholas Bastin +44 20 7255 5117 or +44 7931 500 066
About Essar Energy
Essar Energy (LSE:ESSR) is a world class, low-cost, integrated energy company with an established track record.
Essar Energy, through its subsidiaries, owns one of India's largest private power producers with 1,600MW of installed capacity and projects under construction to expand its capacity to 9,670MW.
Essar Energy, through its subsidiaries, owns one of India's fastest growing private sector oil and gas companies with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India's second largest private sector oil refinery with throughput capacity of 14.7 million metric tonnes per annum and plans to expand to 20mmtpa by September 2012.
About Essar Group
The Essar Group (the "Group") is a multinational conglomerate and a leading player in the sectors of Steel, Oil, Gas, Power, Communications, Shipping, Ports, Logistics, Construction and Minerals. With operations in more than 25 countries across five continents, the Group employs over 70,000 people, with annual revenues of US$17 billion.
* * *
This announcement contains certain forward-looking statements, including statements regarding Group's plans, objectives and performance. Such statements relate to events and depend on circumstances that may occur in the future and are subject to risks, uncertainties and assumptions. Although the Group believes that the expectations reflected in such forward looking statements are reasonable, there are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements, including, without limitation, the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licences; fluctuations in demand and pricing in the Oil and Gas, Power and Energy industries; fluctuations in exchange controls; changes in government policy and taxations; industrial disputes; war and terrorism. Further information on the significant risks and uncertainties associated with the Group's business is set out in the Prospectus published on 4 May 2010. These forward-looking statements speak only as at the date of this document. The Group undertakes no obligation to update any forward looking statements whether as a result of new information, future events or otherwise, except to the extent legally required.
These statements (and all other forward-looking statements contained in this document) are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Group's control, are difficult to predict and could cause actual results to differ materially from those expressed or implied or forecast in the forward-looking statements.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction, or an invitation or inducement to invest in the Group or any other entity and should not be relied upon in any way in connection with any investment decision.