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Essar Oil UK announces appointment of Chief Executive Officer

Stanlow, 2nd August 2021: The Board of Directors of Essar Oil (UK) Limited (“EOUK”) today announced the appointment of Deepak Maheshwari as its Chief Executive Officer. EOUK’s Stanlow Manufacturing Complex is a key strategic national facility, annually producing over 16% of the UK’s road transport fuels.

Deepak joins EOUK, an important asset in the energy portfolio of Essar Global Fund, at a transformative juncture as it accelerates its transition to a ‘Low Carbon Energy Provider’ of the future.

As CEO, Deepak will work closely with the EOUK Board on the delivery of a number of strategic energy transition projects which are aimed at making Stanlow a green refinery to meet the post-carbon needs of a progressive UK.

Amongst these are HyNet (a low carbon hydrogen energy and carbon capture project) which will transform the North West of England and North Wales into one of the world’s first low carbon industrial clusters, together with the building of a Biofuels business which will include production of both renewable diesel and sustainable aviation fuel (SAF).

With more than 25 years’ senior leadership experience, across the utilities, energy, and infrastructure sectors in Europe and Asia, Deepak will lead an experienced management team and further strengthen corporate governance within the ESG framework.

Most recently, Deepak was CFO and Head of Strategy at Adani Ports and Special Economic Zone Limited, India’s largest commercial multi-port operator. He was previously CFO of Essar Energy Limited.

EOUK Chairman, Prashant Ruia, said: “We are delighted to welcome Deepak to EOUK. His immense corporate experience will prove invaluable during such an important period of growth for the company, which is aiming to be a leading player in the transition towards a sustainable society by delivering cleaner energy solutions.”

Deepak Maheshwari, Chief Executive Officer, commented: “I am delighted to be joining EOUK as Chief Executive Officer and look forward to building on the impressive legacy that Essar colleagues have created. The UK’s green economy continues to develop and flourish and the Board and I will work hard to ensure EOUK sits at the fulcrum of the UK’s sustainable, low carbon future.”

Ends

About Essar in the UK

Essar Oil UK is a leading UK-focused downstream energy company whose main asset is the Stanlow Manufacturing Complex, one of the most advanced refineries in Europe situated close to the major cities of Liverpool and Manchester. Stanlow has 800 employees, and is a key strategic national asset, annually producing over 16% of the UK’s road transport fuels, while playing a key role in Britain’s broader petrochemical industry. Since acquiring Stanlow in 2011, Essar has invested $1 billion in margin improvement and other efficiency initiatives to ensure the refinery remains competitive in a rapidly changing market.

The company is a major supplier in the North West and beyond with customers including most of the major retail brands operated by international oil companies and supermarkets, Manchester Airport, leading commercial airlines and the region’s trains and buses.

Essar is committed to playing a key role in the decarbonisation of the UK economy, with ambitious plans to build a green energy industrial cluster at Stanlow. These include the construction of two new low carbon hydrogen production units on site as part of the HyNet consortium, with a planned total investment of approximately £750m to deliver the hydrogen production hubs. Follow on capacity growth is planned to reach 80% of the UK Government’s new target of 5GW of low carbon hydrogen for power, transport, industry and homes by 2030.

The company is also working with Fulcrum BioEnergy on a £600 million project to create a new facility to convert several hundred thousand tonnes of non-recyclable household waste each year into sustainable aviation fuel (SAF) for use by airlines operating at UK airports

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