Essar Oil UK to raise 400 million to evade financial troubles
Essar Oil UK, the owner of Stanlow Refinery, said it has successfully addressed the required financing to replace the previous receivables facility
Nevin John | April 23, 2021 | Updated 22:19 IST
Essar Oil UK operates the Stanlow Refinery located on the south side of the Mersey Estuary near Liverpool
Essar Oil UK, controlled by the Ruias, is in advanced negotiations with Apollo Global Management and three other banks to raise GBP 400 million to repay the credit raised against receivables from Lloyds Bank. The British lender had ceased acting as Essar s main banker after the company ran into financial troubles due to pandemic-led disruptions.
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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
Smoke billowed over the River Mersey from the Stanlow oil refinery as always last week. Tankers drove in and out of the plant in Ellesmere Port, transporting fuel across the northwest, including to