It is the latest deal in the struggling UK refining industry, which has found it difficult to stay profitable in recent years and is expected to face increasing global competition.
The $350m price tag is about half what Shell was initially expected to get for the Stanlow refinery, following 18 months of negotiations with Essar.
The Indian company, which listed on the FTSE 100 last year, has promised that jobs will be safe and the refinery will remain open.
A spokesman for Essar said the company had already identified a number of investments it wanted to make to increase output from 75pc to nearer 100pc capacity.
However, Essar is also interested in the site as a port for importing refined products from its giant Vadinar refinery in India, which is currently undergoing an expansion programme
News From: http://www.7StarNews.com
Saturday, February 19, 2011
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