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India’s Essar Energy to sign deal to acquire Shell’s refinery in the UK

March 30/2011

(ICIS) -- India’s Essar Energy has signed a $1.3bn (?923m) deal to acquire Shell’s 270,000 bbl/day Stanlow refinery in the UK, the companies said on Tuesday. The agreement follows Essar’s formal offer from February to acquire the refinery near Ellesmere Port, Cheshire. The deal includes oil products and chemicals manufacturing and rights to certain distribution terminal assets, as well as commercial bulk fuels and local marine fuels businesses associated with the refinery.


Not included are Shell’s higher olefins plant and alcohols units at Stanlow, a lubricant oils blending plant and Shell’s lubricants marketing business.


Also excluded are Shell's UK retail sites; its aviation operations at airports; Shell's non-local marine business; marine lubricants; Shell's commercial road transport marketing businesses; its bitumen marketing business, and its technology centre at Thornton.


The companies expect to complete the transaction in the second half of 2011. Shell said the total consideration for the deal was expected to be $1.3bn. Essar said the purchase price for the refinery would be $350m. On completion, it would make a separate payment for crude oil, refined products and other inventory at the Stanlow refinery site, it said. In February, Essar estimated that payment at about $780m.


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