OREANDA-NEWS. March 30, 2011. Essar Energy has signed an agreement with Shell to buy its Stanlow refinery in UK for USD 350 million, the company said. "Now subject to Essar Energy's shareholder approval, the transaction should be completed in the second half of 2011," it said in a statement.

Naresh Nayyar, Essar Energy's CEO, said the agreement augured well for the company. "Stanlow is a high-quality refinery and is an excellent fit with our strategy. We look forward to taking ownership of Stanlow in due course and making operational improvements which will enhance production and better optimise the facility," Nayyar said.

Frank Willsdon, Stanlow refinery general manager, said: "This deal serves Stanlow's future well given Essar's commitment to investment and intent to increase site throughputs. It can only benefit staff, business partners and the local community and region. After our many years with Shell, we now look forward to a smooth transition and moving forward with Essar."