Live Markets »News & Advice»Company News»Company News Details
Company News Details

Essar Energy hands oil at Stanlow to Barclays

Reuters/London 25 Jul 12 | 02:27 PM

Essar Energy will hand over the ownership of its crude oil and petroleum products at Stanlow, the second largest UK refinery, to Barclays to cut costs and pay off debts.

The new arrangements will enable Essar Oil UK to repay its existing working capital revolving credit facility, provided by 13 banks, Essar said.

Related Stories

    No Related Stories Found
Widgets Magazine

The arrangements with the 296,000 barrel per day refinery take effect from Wednesday and will last for three years, Essar said.

"This transaction with Barclays is an important landmark step for Stanlow," said Volker Schultz, chief executive officer of Essar Oil UK.

"We have built a strong working relationship with Barclays, allowing us to continue delivering a high level of service to our customers, but in a much more efficient manner."


Widgets Magazine


Company Price Gain (%)
M & M902.752.17
Tata Steel562.850.83
Hind. Unilever1,606.300.79
H D F C1,865.750.57


Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine