MUMBAI: Essar Oil UK, part of the Ruias’ Essar Group, on Wednesday said it has acquired stakes in two terminals and one pipeline from BP Plc to expand its business in the UK. The acquisition includes an 11.15% stake in the United Kingdom Oil Pipeline (UKOP), a 45% share in the Kingsbury Terminal and 100% in the Northampton Terminal, Essar Oil UK said. Essar Oil UK already runs an oil refinery at Stanlow near Liverpool. While BP has sold its entire stake to Essar Oil in the terminals, the 650km UKOP pipeline will now be co-owned by BP, Royal Dutch Shell, Valero, Total and Essar Oil. Two wholly-owned Essar Oil UK subsidiaries—Essar Midlands Ltd and InfraNorth Ltd—will buy the stakes from BP.

Source: Mint February 06, 2019 19:02 UTC