Essar through its indirect wholly owned subsidiary, entered into an asset purchase agreement with Shell UK Ltd to acquire the oil refinery and other associated assets at Stanlow, near Ellesmere Port, Cheshire. Acquisition price will be US$350 million plus inventory at cost price, Essar said. Essar owns a refinery at Vadinar in Gujarat, which can process 280,000 barrels of crude oil per day.
Published 29 March 2011, 10:16 IST