markets are all down FT down 84.76 FTSE down 184.5 at 10am today. I just bought a further 6 thousand at 110.20 must be somewhere near the bottom but would not be surprised i n this market if it falls further for I rarely hit the bottom price
July 23, 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that its subsidiary Essar Oil Ltd has secured a new credit facility with its Indian banks of up to Rs.50 billion (c.US$900 million) to meet the deferred sales tax liability of Rs.61.69 billion (c.US$1.12 billion) owed to the Government of Gujarat.
Essar Oil continues to pursue the matter of a schedule for repayment of the sales tax liability both by legal means and with the Government of Gujarat. Essar Oil is confident that with this Rs.50 billion facility in place it will be in a position to meet its entire repayment obligations.
Lalit Gupta, managing director and chief executive officer of Essar Oil, said: "The new loan facility will enable Essar Oil to meet its sales tax liability. Our lenders have continued to be very supportive of the business, which remains well placed given the demand for high value fuels both in India and internationally."
As previously announced, the completion of the Vadinar refinery phase 1 expansion and the early completion of the additional optimisation project at Vadinar complete the scheduled capex programme for the refinery. With its benchmark low operating costs and enhanced scale and complexity, Vadinar is expected to deliver significantly enhanced margins and cash flow generation in future.
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