ESSAROIL

The Exchange had sought clarification from Essar Oil Limited with respect to recent news item captioned "Ruias to sell Kurla biz park for Rs.2,400 cr".On basis of above, The reply from the Company is attached.

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "Ruias to sell Kurla biz park for Rs.2,400 cr". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether company are aware of any information that

News Verification : The media had reports "Promoters plan to sell 51% stake sale. Sale likely to happen at premium to mkt price. Stake sale may trigger 26% open offer.". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Essar Oil Limited has vide its letter inter-alia stated, "The Company has already informed the Stock Exchanges last Friday, 12th June, 2015 stating that there is no event, information or development in the Company whi

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "Promoters plan to sell 51% stake sale. Sale likely to happen at premium to mkt price. Stake sale may trigger 26% open offer". In this regard, the Exchange has advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such negotiations were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order from the start of negotiations till date. b) Whether you/company a

Spurt in Volume : Substantial increase in trading volumes have been observed in Essar Oil Limited.. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Essar Oil Limited has vide its letter inter-alia stated, "that as on date there is no event, information or development in the Company which is required to be intimated as per clause 36 of the listing agreement."

Essar Oil Limited has informed the Exchange regarding clarification on news item captioned "Essar pitches for deeper ties with Russia's Rosneft". The Company has clarified that "Company's letter dated December 11, 2014 Company have already informed the Stock exchanges about signing of key terms between Roseneft and Essar for supply of oil & oil products to the refinery in India. While the details of these agreed key terms are being worked out, Company would like to clarify that there is no other event or development of the nature reported in the article which is required to be disclosed under

The Exchange had sought clarification from Essar Oil Limited with respect to a news item captioned "DRI slaps Rs. 2,600-cr tax notice on Essar". The Company has clarified that "The Show Cause notice issued by DRI as far as it relates to Essar Oil ltd., alleging that the difference amount of Rs. 655 crore between declared value of Capital Goods imported by us amounting to Rs. 2845 crore and as estimated by DRI amounting to Rs. 2,190 crore, is based on incomplete facts and extrapolation of convenient data points. We strongly deny each and every allegation levelled therein. It may be stated that

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "DRI slaps Rs. 2,600-cr tax notice on Essar". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether company are aware of any information that ha

The Exchange had sought clarification from Essar Oil Limited with reference to recent media reports on "Corporate Espionage". The Company has clarified that "We have noted with concern that one of our employees has been arrested by the authorities. Essar Oil is a law abiding corporate following a zero tolerance policy towards acts which are against the law of the land. The company reiterates that neither it has directly nor has it authorised anybody to conduct any acts not in compliance with law. We will also launch an internal probe to investigate the matter and in the meanwhile are extending

The Exchange has sought clarification from Essar Oil Limited with reference to recent media reports on "Corporate Espionage". In this regard the Exchange has advised the Company to provide clarification/confirmation in respect of the above media report whether the said information is true and whether the said media report would have any impact on the operations of the Company.

The Exchange had sought clarification from Essar Oil Limited with respect to a news item captioned "Gulf petro acquires essars kenyan operation". The Company has clarified that "The Company neither directly nor through its subsidiary is having any marketing operations in Kenya. These operations are being carried on by a group company, Essar Petroleum East Africa Limited. Our name has been wrongly quoted by the print media in the article".

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "Gulf petro acquires essars kenyan operation". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether company are aware of any information that h

The Exchange had sought clarification from Essar Oil Limited with respect to a recent news item captioned "Essar plans Rs. 6000-cr capex at Vadinar refinery . The Company has clarified that "After implementing the Expansion and Optimisation projects in March/June 2012, Essar Oil has been producing 'Pet Coke'. The Company is examining the possibility of setting up facilities to gasification of the pet coke for its requirements. The Company has communicated to the Government of Gujarat of its preliminary intention to consider this project in due course after obtaining necessary internal and othe

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "Essar plans Rs. 6000-cr capex at Vadinar refinery". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether company are aware of any information

The Exchange had sought clarification from Essar Oil Limited with respect to a news item captioned "Essar Oil to sign 10-year deal with Rosneft today". In response to above news the Company has submitted a copy of press release dated December 11, 2014 titled "Rosneft and Essar Agreed on Key Terms of Oil and Oil Products Supplies to Essar Refineries".

The Exchange has sought clarification from Essar Oil Limited with respect to recent news item captioned "Essar Oil to sign 10-year deal with Rosneft today". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether company are aware of any information

The Exchange had sought clarification from Essar Oil Limited with respect to a news item captioned "Essar in talks with BASF to set up petrochem JV". The Company has clarified that "It would not like to comment on market speculation".

News Verification : The media had reports that "Essar group said to weigh Delisting of all group units.". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Essar Oil Limited has vide its letter inter-alia stated,"The Company has not received any communication/proposal from its Promoters of their intention to delist the equity shares of the Company."

Essar Oil Limited has informed the Exchange, vide letter dated October 28, 2013 regarding "Clarification on speculative news running on TV news channel".

Spurt in Volume : Substantial increase in trading volumes have been observed in Essar Oil Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Essar Oil Limited has vide its letter inter-alia stated, " There is no reportable significant development in the operation of the Company which requires disclosure of price sensitive information under clause 36 of the listing agreement".

News Verification : The media had reports on April 07 2009 that Essar Oil Limited may delist its securities. Further, it may take over 50% of the management control of KRPL refinery in Mombasa. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Essar Oil Limited has vide its letter inter-alia stated, "There is currently no proposal under consideration for delisting of equity shares of the company from the Stock Excha

News Verification : The press had reports on February 10, 2005 that Essar Oil Limited has begun work on the 9m tonne refinery project at Jamnagar. The project has finally achieved financial closure and equipment has started arriving at the site.The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.Essar Oil Limited has vide its letter inter-alia stated, "We would like to clarify that the news item is not emanating from th

News Verification : The press had reports that Essar Oil Limited has begun work on the 9m tonne refinery project at Jamnagar. The project has finally achieved financial closure and equipment has started arriving at the site. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Reply is awaited from Essar Oil Limited.