Essar Oil Company has registered 3% growth with net profit of Rs 4.69 billion besides to the loss it incurred in last year of 0.7 billion. This recorded growth was for the first quarter of the financial year 2011-2012.

The officials of the company informed that the company’s refinery expansion would be complete by September 2011. They also informed that they would heave $1.5 billion (around 6000 crore) in foreign currency instead of Indian rupee for their ongoing projects.

Essar Company Ltd. has planned to use second hand super tanks to get maximum advantage from Indian refineries increasing needs to haul crude oil from Mexico and Venezuela.

Managing Director A. R. Ramakrishnan, said that they are in wait of appearance of long term deal between Indian Oil companies and suppliers from Latin America. He also mentioned that they have found that there is a great scope for import of crude oil that could be supplied to all the refining expansion that has been taking place in India.

It is also predicted that Essar might buy six crude carriers as part of its tanker fleet expansion. Even Reliance Industries Ltd is also waiting for the deal with Latin America.

India, world’s second fastest growing economy is said to import 80% of its oil and spend about $99 billion in buying the crude oil from overseas.