Essar buying UK logistics assets from BP

Essar Oil UK Group will acquire logistics assets from BP serving the 200,000-b/d Stanlow refinery near Ellesmere Port, England, which it bought from Royal Dutch Shell in July 2011.

Essar will acquire an equity stake in the UKOP pipeline, a share of the contractual joint venture with Shell which runs the Kingsbury Terminal, and a 100% interest in the Northampton Terminal.

It did not disclose terms but said the purchase boosts its total UK investment to US$1 billion.

The company operates 67 branded UK retail sites in England and Wales and plans to expand to 400 sites during the next five years.

It completed a US$250-million upgrade and expansion of the refinery last year.

Source: Oil & Gas Journal