The Essar Oil UK Group of companies unveiled the latest phase of its strategic business development after announcing the acquisition of a number of assets from BP to further strengthen the company’s logistics infrastructure network which will fuel growth ambitions in the UK. This latest expansion of its UK interests means Essar has now invested nearly USD 1 billion in building a profitable and sustainable UK business since first acquiring the Stanlow Manufacturing Complex in July 2011.
Under the agreement, 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 per cent interest in the Northampton Terminal. Essar Oil UK Chief Executive Officer, S Thangapandian, commented, “The acquisition of these BP assets further demonstrates the company’s ongoing commitment to investing in and growing their businesses within the UK. It currently supplies over 16 per cent of the UK’s road transport fuel demand and this agreement will enable us to improve our competitiveness.
“The acquisition will allow Essar to maintain its presence in a very competitive UK Midlands region and grow that current footprint,” he further adds.
