Essar Energy enters into exclusivity agreement for buying Shell's Stanlow refinery

摘要

Essar Energy plc. has entered into an exclusivity agreement with Shell UK Limited in relation to the proposed purchase by Essar Energy of the oil refinery and other associated assets at Stanlow, from Shell for a consideration of US$350-mn in cash. Under the exclusivity agreement, Shell has granted Essar Energy exclusivity in relation to the acquisition until 1 April 2011, whereby Essar Energy has the option until 31 March 2011 to enter into an asset purchase agreement, the detailed terms of which have been discussed and agreed in principle with Shell.