Essar Oil UK aims to lift US oil refining to 40%; eyes asset stake sale
Essar Oil UK aims to lift processing of U.S. oil at its 200,000 barrels per day Stanlow refinery by March to 40% from 35% currently, its Chief Executive Officer S. Thangapandian said on Monday.
Speaking on the sidelines of the Asia Pacific Petroleum Conference (APPEC), Thangapandian also told Reuters his company is in talks with some parties to sell a majority stake in its Stanlow Oil Terminal Ltd infrastructure business as it seeks to leverage its portfolio of assets.
He didn’t identify potential buyers, but said the company was looking for “a strategic partner” for the majority stake in the infrastructure business, which carries a value of around $1 billion.
