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Essar acquires BP assets to drive further growth
The Essar Oil UK Group of companies (Essar) recently unveiled the latest phase of its strategic business development after announcing the acquisition of a number of assets from BP to further strengthen the company’s logistics infrastructure in the UK.
This latest expansion of its UK interests means Essar has now invested nearly $1bn in building its UK business, since first acquiring the Stanlow manufacturing complex in July 2011.
Under the agreement, Essar will acquire an equity stake in the UKOP pipeline, a share of the contractual joint venture with Shell which runs the Kingsbury terminal and a 100% interest in the Northampton terminal.
With 67 Essar branded UK retail sites already operational across England and Wales, the company has confirmed plans to grow its network to 400 retail sites over the next five years. According to Essar Oil UK CEO S Thangapandian, the company currently supplies over 16% of the UK’s road transport fuel demand.
