Essar Group looks to sell Stanlow refinery in UK
6/12/2014 12:00:00 AM
Essar Group plans to sell its Stanlow refinery in northwest England, according to multiple sources cited in a Reuters report.
Essar is hoping to gain at least $500 million from the sale, the report says. However, other UK plants recently put up for sale, such as the Petroplus Coryton refinery, have failed to find buyers.
A formal sales process will begin after all the requirements related to delisting Essar Energy from the London Stock Exchange are complete, according to the Reuters report.
Essar Energy initially purchased the Stanlow refinery from Shell in 2011 for $350 million. Earlier this year, the refinery reduced its output capacity to around 195,000 bpd from 296,000 bpd, citing lower regional refining margins.
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