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Essar bids for three Shell refineries in Europe

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Financial Times

By Carola Hoyos in London

Published: August 17 2009 20:29 | Last updated: August 17 2009 20:29

Essar, the Indian conglomerate, has bid for three European Royal Dutch Shell refineries on sale as part of the Anglo-Dutch oil group’s restructuring of its downstream operations.

The disposals by Shell are part of its strategy to rid itself of smaller refineries in favour of investing in large, integrated complexes, such as those in Port Arthur, Texas and Rotterdam. The package is valued at about £1.5bn ($2.4bn).

Refinery sales have been controversial because of the potential of large job losses.

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