Essar to rely on domestic demand as export market competition intensifies.

摘要

Faced with increased competition from rising refining capacity in China and Saudi Arabia, Indian Essar Oil's 400K-b/d Vadinar refinery is expected to struggle to retain its market share abroad. Rising capacity worldwide has caused a number of companies, included Japanese JX Holdings and South Korean SK Innovation to reduce their earnings forecasts. Export-oriented plants in India, such as Reliance Industries' Jamnagar complex as well as Essar's Vadinar, are expected to be affected. Essar Managing Director Lalit Kumar Gupta, however, has said that "Domestic sales will rise and protect margins," adding that "demand in India will increase, and local refineries will be needed."