0 comment. Essar inks pact to acquire Stanlow refinery in UK 29 Mar, 2011, 04.12 PM IST London-listed Essar Energy today said it has signed an agreement to acquire Royal Dutch Shell's Stanlow refinery in NorthWest England for USD 350 million. Essar owns and operates the Stanlow oil refinery which produces over 16 per cent of the UK’s road transport fuel annually. A spokesperson for Essar Oil UK said: Patrick Walters exp... Stanlow Terminals, EOUK and Fulcrum BioEnergy agree to develop Aviation Fuel Bio-Refinery at Stanlow. The company has gained a 6 month stay-of-execution in the deadline to pay this VAT bill but the ability to do so will be heavily influenced by what happens at the refinery; the recovery of margins, which are still depressed and plant utilisation levels. The next set of financial statements [for the period ending September 2020] were signed off by PKF.”. "We continue to work with our legal advisers to adopt best practices in this regard for a private company, including a firm intention to appoint two independent directors in due course.". Linklaters and Ashurst both declined to comment. By Staff Reporter.Essar-Oil-UK-appoints-Mark-Wilson-as-CEO. 14th May 2021. Advertisement. India's Essar Energy bought the refinery … Essar Oil UK agrees new long term working capital funding facilities Sky News has learnt that Essar Oil UK, which bought the site at Ellesmere Port from Shell in 2011, has been in discussions for weeks about efforts to stabilise its finances. "We are in an advanced stage of discussions with a replacement lender, with both Stanlow operations and supply of products to our customers continuing as usual. The Stanlow Oil Refinery is considered vital to the UK's transport sector, providing 16 per cent of the nation's fuel. In a statement issued to Sky News, Essar Oil UK said it did not comment on "the role of advisers that we work with from time to time". The disclosure of the law firms' decision to step down comes just days after it emerged that the company was in urgent talks about its future. Ministerial visit to Stanlow focuses on low carbon future Essar was delighted to host a visit to Stanlow Refinery today by Andrew Stephenson MP, Minister of State at the Department for Transport. Concerns surrounding money siphoned out of the Stanlow oil refinery have been raised by Deloitte, after the accounting giant quit as auditor to the parent company of the refinery – Essar Oil UK. “EOUK’s financial statements for the period ending September 2019 were signed off by Deloitte. "The government continually monitors fuel supply across the country to ensure the public do not see any disruption. Essar Oil UK, which owns the Stanlow refinery in the UK, said it hopes to put together a new financing deal by the end of June to ensure stability of operations and its business. Current auditors, PKF Littlejohn, signed off the latest set of accounts for the year ending September 2020, which revealed a $186 million loss. Fuel Oil News is the only independent monthly magazine dedicated to the downstream oil industry. European plants have more recently been running at a percentage around the high 70s. Stanlow is also a large producer for commodities such as jet fuel and diesel. The deal covers a range … Fuel Oil News is the only independent monthly magazine dedicated to the downstream oil industry. Stanlow Refinery is located at Ellesmere Port in north-west England (Credit: Steve Bridge/Shutterstock) A partnership has been agreed to develop the UK’s largest low-carbon hydrogen operation, based at the Stanlow Refinery in the north-west of England. The new boss of Stanlow, the UK's second-biggest oil refinery, has promised fresh investment in the plant. The site directly employs more than 900 people, with an additional 800 on-site contractors and a further 5000 people working indirectly within the extended value chain, according to Essar Oil UK’s website. The unusually critical statement sheds fresh light on the governance concerns that have blighted the refinery, which supplies a sixth of the country’s road … PKF remain our auditors today, alongside other high-calibre advisors. "The government has put in place a far-reaching package of support to help businesses across the economy during the pandemic, including the furlough scheme, loans and VAT deferrals. Stanlow oil refinery Why you can trust Sky News Apollo Global Management, one of the world's largest investment groups, is in talks to provide hundreds of millions of pounds of funding to the owner of the Stanlow oil refinery as it tries to navigate through a financial crunch. The Stanlow refinery complex operated by Essar was given the 'F' rating by the Environment Agency, meaning it posed an "unacceptable risk to human health, quality of life or the environment". Each monthly issue showcases industry developments, topical issues, market reports and industry news, along with opinion and comment from industry leaders, equipment suppliers and distributors. It is said it received lenders’ consent for the loan. Website design and development by D-ROOM. Linklaters and Ashurst have quit as advisers to Essar Oil UK amid doubts about its future, Sky News learns. Essar, which is chaired by Prashant Ruia, claims to have invested $1 billion (£715 million) in Stanlow since purchasing it from Shell in 2011 for £801 million. The owner of Britain's second-biggest oil refinery has been hit by the resignation of two blue-chip City law firms amid a deepening financial and corporate governance crisis at the company. Copyright © Ashley & Dumville Publishing | Contact Us | Terms & Conditions | Privacy Policy. A rapid reach phone notification system is available free of charge to any households who wish to subscribe. Stanlow has a refining capacity of 12 million tonnes per year with a barrel per day capacity of 296,000. Alongside Deloitte, Lloyds, PwC and law firm Linklaters have all cut ties with Essar Oil UK. Sky News claims the refinery owner has approached the Government for financial support following falls in fuel prices caused by the pandemic. We have always sought to implement the highest standards of corporate governance. News Stanlow oil refinery: Essar appoint new CEO. Consequently, it is the second largest in the United Kingdom after Fawley Refinery, and produces a sixth of the UK's petrol needs. It has been reported that dividends and Read more » Subscribe. Essar Oil UK insisted: "No [borrowing] facilities were withdrawn solely due to governance issues". The site occupies an important role in the UK's industrial manufacturing sector, directly employing more than 900 people, with an additional 800 on-site contractors and a further 5,000 people employed indirectly through the extended value chain, according to Essar Oil UK's website. With refineries being largely fixed cost operations (around 90% of the total, mainly comprising personnel costs), it will need utilisation levels of at least circa 85% – the level at which US refineries are currently running. However, the Sky News report quoted ‘a person close to Apollo’ as saying that the investment group was ‘one of several parties' negotiating with Essar and that a transaction was ‘far from certain’. The refinery is now generating positive EBITDA in the region of … An insider said that a covenant waiver from Lloyds Banking Group, Essar Oil UK's main lender, had expired at the end of March, forcing the company to seek new sources of funding. Stanlow was now seeing increased demand for road transport fuels, and the company remained committed to a sustainable future and aiding the UK's decarbonisation agenda, the source said. Frustrations over the running of the company had led to the departures of two chief executives within a year. London-listed Essar Energy has signed an agreement to acquire Royal Dutch Shell's Stanlow refinery in NorthWest England for $350 million. Concerns surrounding money siphoned out of the Stanlow oil refinery have been raised by Deloitte, after the accounting giant quit as auditor to the parent company of the refinery – Essar Oil UK. Lloyds is said to have become frustrated by a failure to address repeatedly expressed concerns about the Stanlow refinery-owner's governance over a protracted period, as well as a series of delays to the filing of audited accounts. Latest News . The Stanlow plant, which is near Ellesmere Port, provides about 16 per cent of the UK’s transport fuel. Deloitte’s statement, originally written in October 2020, is the first time one of the professional firms advising Essar Oil UK has pinpointed governance concerns. "In terms of governance, we always seek to adopt best practices and, working with our advisers, we made some changes to the board in recent weeks. Stanlow is one of the largest refineries in Europe covering an area the equivalent of 300 football pitches The refinery processes up to 9 million tonnes of crude every year - that’s more than 20,000 litres per minute Distribution of products from Stanlow is mainly via road and pipeline. Essar Oil UK bought the Stanlow refinery at Ellesmere Port from Shell in 2011. Doubts were raised about business continuity after it was reported that the refinery may cave in after Lloyds Banking Group, the main financier, walked out. ESSAR Oil UK have confirmed the appointment of a new chief executive officer. Smoke billowed over the River Mersey from the Stanlow oil refinery as always last week. Challenges in store: How existing fuel storage and transport infrastructure is crucial to achieving net-zero . British astronaut to headline Logistics UK conference, Ministerial visit to Stanlow focuses on low carbon future, Grass-root good causes benefit for Gulf’s Oomph, Ford Fuels optimises delivery with tech investment, DCC to acquire Irish-owned fuel distributor, Top 20 / Top 10 Fuel Oil Distributors and others, Essar Oil UK reports positive progress on financings. Concerns surrounding money siphoned out of the Stanlow oil refinery have been raised by Deloitte, after the accounting giant quit as auditor to the parent company of the refinery – Essar Oil UK. During the year, Stanlow Refinery, located in Ellesmere Port and meeting about 15% of the UK’s transport fuel demand, processed 8.54 MMT of crude, an 18% increase on the previous year’s 7.24 MMT. The situation has alerted officials in Whitehall because of the implications of a collapse of a company responsible for supplying one-sixth of the UK's transport fuels - including through a pipeline from Stanlow to Manchester Airport. An unplanned shutdown at Stanlow refinery in Ellesmere Port caused an oil spill which contributed to the Environment Agency giving the site their lowest compliance rating. Fears for future of Stanlow oil refinery Essar-owned Stanlow refinery, located in Ellesmere Port, is reportedly facing financial problems, but the company has said it is fully committed to its operations at the Ellesmere Port oil refinery, including plans to decarbonise … To find out more click here for more information or call Margaret Major on 01565 626760. A source close to Essar Oil UK said the COVID-19 pandemic had depressed margins and impacted demand for its products, along with other refining businesses around the world. Essar Energy to provide $1bn bank guarantee for Shell's Stanlow refinery The Stanlow plant, which Essar bought from Shell, is the UK’s second biggest refinery and a source of product for the bunker market. Fuel Oil News offers a whole range of advertising options both in print and online. 15th March 2021 Stanlow Manufacturing Complex has been producing fuels for the United Kingdom for the last 60 years. To receive a regular monthly copy, simply click subscribe here. “EOUK is well advised by a suite of highly experienced, professional firms. It has been reported recently that Essar is in talks with the Government as well as finance organisations over potential support, as demand … Stanlow Oil Refinery by Rob Wright. Nevertheless, oil industry sources say they are legitimate concerns about the future of the company, which bought the Stanlow refinery at Ellesmere Port from Shell in 2011. Essar, which owns the facility in Ellesmere Port, was responding to reports that there were fears about the company's future caused by the coronavirus crisis. Tankers drove in and out of the plant in Ellesmere Port, transporting fuel across the … Mark Wilson will be based at the Stanlow Manufacturing Complex, in Ellesmere Port, and succeed S. Thangapandian, who informed the board of his intention to … The site directly employs more than 900 people, with an … News. Why you can trust Sky News The owner of the vast Stanlow oil refinery in north-west England is in urgent talks about its future amid concern that it could be nearing collapse. Sky News has learnt that Linklaters and Ashurst both recently quit as legal advisers to Essar Oil UK - a relatively unusual move triggered, according to insiders, by anxieties over the running of the business. The owner of Stanlow Refinery has said it is 'confident' about the site's future despite going through a 'very difficult' past 12 months. Latest: Fears for future of Stanlow oil refinery as fuel demand plunges It has been reported that dividends and loans were siphoned out of Essar Oil UK in the period leading up to the company’s participation in the government’s pandemic VAT deferral scheme to the tune of £356 million. Stanlow oil refinery fire: Major facility evacuated after large blaze breaks out in Cheshire. Lloyds is said to have become frustrated by a failure to address repeatedly expressed concerns about the Stanlow refinery-owner’s governance over a protracted period, as well as a series of delays to the filing of audited accounts. Report says Stanlow oil refinery is 'posing unacceptable risk to health and the environment' Last week, it was reported Stanlow refinery complex, operated by Essar, was given the F-rating in 2019 for environmental compliance, posing ‘an unacceptable risk to human health, quality of life or the environment’, according to government guidance. Thank you for your interest in Fuel Oil News. Stanlow oil refinery is at Ellesmere Port Why you can trust Sky News The owner of Britain's second-biggest oil refinery has been hit by the resignation of two blue-chip City law firms amid a deepening financial and corporate governance crisis at the company. Bilfinger UK has won a six-year contract with Essar Oil at its Stanlow Refinery, which will provide work for 200 employees. In the event of an incident that may have an effect off-site it would alert the recipient what actions should be taken. Incident at second-largest plant in Britain sees hundreds of workers moved to safety The Department for Business, Energy and Industrial Strategy said on Friday: "We do not comment on individual companies. One of our team will contact you to complete the subscription process. PE giant in talks with Stanlow refinery owner Essar over £400m refinance deal . ", Stanlow refinery owner hit by legal resignations amid governance row, Stanlow oil refinery is at Ellesmere Port. Picture by John Cassidy. “In October 2020, PKF replaced Deloitte as our auditors after ten years. In a statement issued to Sky News, Essar Oil UK said it did not comment on “the role of advisers that we work with from time to time”. News Break provides latest and breaking news about #Stanlow Oil Refinery.

Unm Student Jobs, Deaths In Plymouth 2021, Volt Bank Spend, Kenny Dougall Released, How To Change Bitcoin Address On Coinbase, Why Is Everyone Holding Up 4 Fingers, Crypto Tax Advice, Eiffel Tower View From Top,