Essar Oil UK to raise 400 million to evade financial troubles origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
THE owners of the Stanlow Oil Refinery have reported an improved financial situation, following speculation about the company s future. Last week Essar admitted it had had a very difficult 12 months due to the Covid pandemic, and there was speculation nationally the firm was on the verge of collapse following high-level resignations and Lloyds Bank changing the terms of a credit facility. But the owners of the refinery by Ellesmere Port, which directly employs about 900 people, said the financial picture is looking positive. Essar Oil UK reported that sales of products from the Stanlow Refinery are expected to see a 63 per cent year-on-year increase to 537kT in April 2021, in comparison to 329kT in April 2020, when the Covid pandemic had forced much of Europe into a strict lockdown.
The Indian billionaires behind the ailing Stanlow oil refinery have siphoned off more than £500 million in dividends in recent years.The Ruia brothers, whose Essar empire controls the refinery in
THE owners of the Stanlow oil refinery in Ellesmere Port have admitted the past 12 months have been very difficult but are optimistic of the firm s future. Reports nationally in recent days have painted a picture of woe for Essar, with several executives and advisers reportedly resigning from the company. There has also been speculation of the company s declining financial position caused by the coronavirus crisis and the subsequent economic slowdown. But Essar have now responded to the speculation, saying it is now experiencing increased demand and it remains confident in can come out stronger following the Covid crisis. A spokesperson said: Historically, Essar Oil UK has been a very profitable business that has attracted over $1 billion in investment since its acquisition in 2011. It is a long-standing private company without public shareholders.
Stanlow refinery owners Essar Oil UK speak out about site s future
The Ellesmere Port based site employs almost 1,000 people, including many from North Wales
View from Hope Mountain of Airbus Factory with Stanlow Oil Refinery beyond (Image: Ian Cooper/Daily Post Wales)
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