Essar Oil buys BP stake in UK pipeline infra
TNN | Feb 7, 2019, 06:19 ISTNEW DELHI: Essar Oil UK has acquired British major BP's stake in a pipeline and oil terminals in the UK in a $100-million deal size that will help the Ruias-promoted company to consolidate rights over infrastructure for transporting petroleum products from its Stanlow refinery.
Essar Oil will acquire BP's 11% stake in the UK Oil Pipeline (UKOP), which transports products from Stanlow refinery, along with 45% stake in the Kingsbury terminal and a 100% interest in the Northampton oil storage terminal, Essar Oil CEO S Thangapandian said.
The acquisition, he said, will fuel the growth of Essar Oil UK's business in the UK. "This latest expansion means Essar has now invested nearly $1 billion in building a profitable and sustainable UK business, since first acquiring the Stanlow Manufacturing Complex in July 2011."
Essar Oil will acquire BP's 11% stake in the UK Oil Pipeline (UKOP), which transports products from Stanlow refinery, along with 45% stake in the Kingsbury terminal and a 100% interest in the Northampton oil storage terminal, Essar Oil CEO S Thangapandian said.
The acquisition, he said, will fuel the growth of Essar Oil UK's business in the UK. "This latest expansion means Essar has now invested nearly $1 billion in building a profitable and sustainable UK business, since first acquiring the Stanlow Manufacturing Complex in July 2011."
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