Essar Energy completes acquisition of Shell’s Stanlow refinery

India’s Essar Energy has completed its US$1.26 billion acquisition of Royal Dutch Shell’s Stanlow refinery in the United Kingdom. This amount includes US$916 million for the refinery’s stock of crude oil and refined products computed at market prices. The acquisition does not include Shell’s lube blending plant nor its olefins plant. This marks Essar’s first foray into the European marketplace. “It’s a quantum jump in terms of the group’s presence in Europe and its refining capacity,” said Chief Executive Officer Naresh Nayyar. The acquisition provides Essar with an additional capacity of 233,000 barrels per day (bpd), bringing the company’s total capacity to 800,000 (bpd). Stanlow is the second largest refinery in the country. The plant currently employs 950 workers. (August 2, 2011)