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Posts on ‘August 2nd, 2011’

U.K. Deal Marks Latest Shift For European Refining Sector

AUGUST 2, 2011

By ALEXIS FLYNN

Essar Energy Monday completed a deal to buy the U.K’s second-biggest refinery at Stanlow, in Northwest England, from Royal Dutch Shell PLC, marking another step in a changing of the guard for the European refining sector as the fully integrated oil majors sell out to a new coterie of owners.

Essar Energy, a subsidiary of the giant Mumbai-based Essar conglomerate owned by Shashi and Ravi Ruia, paid Shell $350 million for what Essar Energy’s Chief Executive Naresh Nayyar says is a valuable, strategically positioned asset that gives the company an outlet to export surplus products made by its giant refinery at Vadinar in the Indian state of Gujurat. read more

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