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NEW DELHI: Essar Oil UK has acquired BP's UK majority stake in a pipeline and oil terminals in the UK under a $ 100 million contract that will help the company promoted by Ruias to consolidate rights on petroleum products transportation infrastructure from its Stanlow refinery.
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Essar Oil acquires the 11% of BP's capital in the UK Oil Pipeline (UKOP), which transports the products of the Stanlow refinery, as well as 45% of the capital of the Kingsbury terminal and a 100% stake in the storage terminal Northampton Oil, S Thangapandian, CEO of Essar Oil said.
The acquisition, he said, will fuel the growth of Essar Oil UK's operations in the UK. "This latest expansion means that Essar has now invested close to a billion dollars in the creation of a profitable and sustainable UK business, since the first acquisition of the Stanlow Industrial Complex in July 2011".
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