Shell sells UK Stanlow refinery Essar Oil

Shell sells UK Stanlow refinery to Essar Oil

12:46 PM, 30th March 2011
Shell sells UK Stanlow refinery to Essar Oil

 

HAGUE, THE NETHERLANDS: Shell announced it has signed a sales and purchase agreement for its 270,000 barrel-per-day Stanlow refinery in the United Kingdom and certain associated local marketing businesses with Essar Oil (UK) Ltd (Essar) for a total expected consideration of some $ 1.3 billion. Essar had made a formal offer for Stanlow in mid-February. It is expected that the transaction will be completed during the second half of 2011.

 

The proposed sale covers oil products, chemicals manufacturing and access rights to certain distribution terminal assets, plus the commercial fuels bulk fuels and local marine fuels businesses associated with the refinery.  It does not include any of Shell’s UK retail sites, the Shell higher olefins plant and alcohols units, the lubricant oils blending plant, lubricants marketing business, Shell aviation operations at airports, non-local marine business, marine lubricants, commercial road transport marketing businesses, bitumen marketing business or the Shell technology centre at Thornton.

 

In addition to the sale of the assets, the two companies will enter into an exclusive five year crude supply contract by Shell to Essar and into long-term agreements for the supply of products in the UK by Essar to Shell.

(C) WOC News

 

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