The owner of the Stanlow refinery at Ellesmere Port saw its sales jump by $1.7bn during the last three months, helped by a move away from Russian imports.
Essar Oil (UK) has revealed its revenue for the period to the end of June totalled $3.72bn, up from the $2.03bn it achieved during the same three months in 2021.
The company said that in support of the UK Government’s announced ban on Russian imports to be implemented by the end of this calendar year, it had ceased importing all Russian products, including diesel, from mid-April.
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It added that it had replaced any shortfall from this strategy by "maximising indigenous diesel production" as well as sourcing non-Russian diesel.
All crude processed at Stanlow comes from US, West African and North Sea sources.
In a statement, the company said: "Essar confirms that during the quarter, trading was significantly ahead of previous forecasts driven by increased demand for locally produced fuel amidst the tight global supply situation.
"This stronger financial performance has enabled Essar to improve its capital structure and strengthen its balance sheet.
"Essar’s overall debt levels for the current fiscal year are significantly less than 1x expected EBITDA, in line with our low leverage approach to capital structure.
"A stronger balance sheet also ensures we can deliver on our strategic objectives, in particular our low carbon agenda by investing in hydrogen production, carbon capture, biofuels and other similar opportunities."
Essar Oil (UK) also confirmed it has paid all historic Covid-related deferred tax payments in full.
Chief executive Deepak Maheshwari said: "After a very challenging 18 months, we have made huge progress on all fronts in the first quarter of 2022/23.
"I would like to thank our people for their hard work, dedication and commitment in what has been an unprecedented two years for our business and the sector as a whole.
"Volumes are now largely at pre-Covid levels and we have been able to significantly strengthen our balance sheet and operating performance.
"We accelerated our support of the UK’s transition away from relying on Russian products and have ceased all Russian imports, while ramping up production of UK-made diesel.
"We look forward now with real confidence and a very clear strategy – we will be the UK’s first low carbon refinery – supplying the fuels of the future, both in terms of low carbon processes for traditional fuels, and also biofuels and a huge investment into the UK’s hydrogen future.
"We are delivering on our strategy and securing the long term future of this important facility."
