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.”