Essar to invest $250 million in its UK refinery
Oil UK will invest $250 million in its Stanlow refinery, UK. This investment will enable Essar Oil UK raise its annual production to 75 million barrels from the current 68 million barrels, increase its basket of crudes, and augment production of petrochemicals to 10 per cent.
The business remains heavily focused on Britain, where it generates 85 percent of its revenues, while the remainder of its products are sold in other parts of Europe.
The company has invested over $800 million into Stanlow since acquiring it from Shell in 2011, enabling it to raise hydrocarbon margins by over $5 a barrel, increase petrochemical production by 10 percent and add 37 crude items to its portfolio. Expansion plans
The company which supplies 16 percent of the UK’s road transport needs, would continue expansion into the direct aviation fuel supply business, as it won contracts from Emirates, Etihad, Jet2.com and Oman Air, and would also continue expanding its own UK retail network. It currently has 36 retail outlets and plans to set up 400 branded retail stations in the UK over the next five years.