Essar Oil May Buy Shell Refinery for $350 Million, ET Now Says

Essar Oil Ltd. may buy Royal Dutch Shell Plc’s Stanlow refinery in the U.K. for $350 million, ET Now network reported, citing an unidentified person.

Essar will pay $50 million when the agreement is signed and $100 million upon completion of the acquisition, according to the report. The Indian company will pay an additional $100 million annually over the next two years, the news network said.

“Essar can confirm that it is in talks with Shell for the purchase of its Stanlow refinery and associated marketing businesses,” Essar Oil spokesman, Manish Kedia, said in an e- mailed statement. “We cannot comment on details or timelines.”

To contact the reporter on this story: Rakteem Katakey in New Delhi at

To contact the editor responsible for this story: Amit Prakash at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.