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Shell Receives Offer from Indian Firm for U.K. Refinery

11:29 AM MST | February 21, 2011 | Ian Young

Shell confirms that it has received a $1.3-billion offer from Essar Energy (Mumbai) to acquire Shell's refinery at Stanlow, U.K. The companies have signed an exclusivity agreement until April 1, 2011 under which break fees would be payable if either company fails to sign an asset sales agreement. The acquisition deal is expected to close by mid-2011, Shell says. Shell also plans to enter an exclusive five-year contract to supply crude oil to Essar at Stanlow, and to receive products from Essar in the U.K. Shell put the Stanlow refinery up for sale in 2009 and...

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