Essar Oil UK, oil refinery unit of energy company Essar Oil (Cyprus) Ltd, has agreed to purchase a few assets owned by energy giant BP.
These assets will be acquired for between $75 million to $100 million and will take Essar Oil’s total investment in building its UK business to $1 billion.
Under the deal, Essar will acquire an equity stake in the UK Oil Pipeline, a share of the contractual joint venture with Dutch rival Shell and the move will also include the ownership of an oil terminal.
Essar said that the transaction will maintain its presence in UK Midlands region and grow that current footprint, expand its retail offering with a number of the 12 new stations.