19 Jan, 2011, 03.17PM IST, Darshan Mehta,ET
MUMBAI: Essar Oil has finalised the acquisition of Shell’s Stanlow refinery in UK for $350 million dollars, a source close to the deal told ET NOW. The Stanlow refinery is part of the Royal Dutch Shell group with a capacity of 2.37 lk barrels per day. The deal will be announced in the first week of February.
As per the deal, Essar will pay $50 million on signing of the deal, another $100 mn on closing of the deal and $100 mn dollars each in the next 2 years after closing the deal. With crude prices over $91 per barrel, the refining business is becoming more attractive and the sector as such is seeing a turnaround on higher energy demand. European companies are selling their non profitable plants to cut expenses and they fit into Indian refiners global strategy of expansion.
Essar can confirm that it is still in talks with Shell for the purchase of its Stanlow refinery and associated marketing businesses. We cannot comment on details or timelines responded the spokesperson via an email on being contacted for the story.
The management of Essar had indicated post the results that it has re-engaged in discussions to buy Royal Dutch Shells Stanlow refinery but refused to divulge any timelines for the same.
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