Ahmedabad/Mumbai: The Ruia-promoted Essar Oil UK, part of the Essar group, has acquired stakes in strategic assets from BP Plc in the UK. The acquisitions include a 11.5% stake in the United Kingdom Oil Pipeline (UKOP), a 45% share in the Kingsbury Terminal and a 100% interest in the Northampton Terminal, Essar Oil UK said. Essar Oil UK runs an oil refinery at Stanlow near Liverpool. While in the terminals BP has sold its entire sake to Essar Oil, the 650 kilometre UKOP pipeline is now shared among BP, Royal Dutch Shell, America’s Valero, France’s Total and Essar Oil. Essar Oil said it expects the gross refining margins to improve in April, when the summer season kicks in.

Source: Mint February 06, 2019 11:06 UTC