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Examples
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Shell last month agreed to sell Stanlow, the U.K.'s second-largest refinery, to Essar for $350 million.
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Mr. Nayyar said that Essar would look to expand Stanlow's capacity when it takes control of the facility.
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"You have to look at each facility on its merits," says Mr. Brooks, explaining that what made Stanlow an attractive buy for Essar wouldn't necessarily translate to other refineries.
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Mr. Nayyar said the sale of Royal Dutch Shell's Stanlow refinery is expected to be concluded this month.
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With its Vadinar refinery already about to ramp up throughput to 400,000 barrels a day of higher margin products, Stanlow provides "optionality" for Essar, Mr. Nayyar says, explaining that Essar intends to use the refinery's storage capability and market access to good export effect.
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In what will give the Ruias a direct access to the UK markets, the London-based Essar Energy Plc on Monday announced completion of the $350 million Rs 1,575 crore acquisition of the Stanlow oil refinery and its associated assets locatednear Ellesmere Port from Shell UK Limited.
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However, he cautions that Essar's acquisition of Stanlow shouldn't necessarily portend a wave of similar deals.
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Bloomberg News Shell's Stanlow oil refinery, the U.K's second-biggest, was bought for $350 million by Essar Energy, a subsidiary of the giant India-based Essar conglomerate.
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Mr. Nayyar said Essar plans to invest $100 million a year in Stanlow over the next four years, money which will be used not only for necessary upgrades to meet environmental standards but also to increase throughput and allow it to process heavier crudes, thus helping to improve profit margins.
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Essar Energy Monday completed a deal to buy the U.K's second-biggest refinery at Stanlow, in Northwest England, from Royal Dutch Shell PLC, marking another step in a changing of the guard for the European refining sector as the fully integrated oil majors sell out to a new coterie of owners.
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