The Essar Oil UK Group of companies (Essar) announced its latest expansion of its UK interests with its acquisition of a number of assets from BP to further strengthen the company’s logistics infrastructure network which will fuel growth ambitions in the UK. Essar’s total investment in the UK now stands at $1bn.
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 percent interest in the Northampton Terminal.
Over recent years, Essar has broadened its downstream integration, with a highly successful and award winning entry into the UK fuel retail market. 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.
Already a significant player in the wholesale supply of Jet A-1 to major UK airports, the company has successfully entered the market for direct supply of aviation fuel, signing agreements with a number of leading international airlines and continuing to grow this sector of its business.
Essar said it will continue to look for opportunities to expand inorganically, provided the acquisitions are long term value accretive and complements Essar Oil UK’s growth plans.
For more information visit www.essar.com