European refinery sales accelerate as Shell sells Stanlow
Shell agreed to sell its Stanlow, UK, refinery to India's Essar last month – the latest in a wave of refinery sales, mostly by the majors, which is set to bring the largest upheaval in European downstream in over 50 years
Shell agreed last month to sell its flagship Stanlow refinery to India's Essar, with which it has been negotiating since late-2009. The agreement – due to close around mid-year, with penalties if either party pulls out – will see the UK's second-largest refinery change hands for just $350m, half payable on completion and half a year later. Including inventories of crude and refined products, the total consideration is expected to be $1.1bn-1.3bn. Shell has agreed to supply crude to Stanlow for five years, and will sign long-term purchase agreements for refined products. Essar plans to "enhance production" at the facility, which has been producing 220,000 barrels a day (b/d) recently. Accordi
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