Tue. August 18, 2009; Posted: 02:10 AM
NEW DELHI, Aug 18, 2009 (AsiaPulse via COMTEX) — US refining major Valero Energy Corporation is leading the race for acquiring the UK’s leading refiner Shell’s Stanlow complex, where India’s Essar Oil (BSE:500134) has also bid.
The US firm is believed to have bid in excess of US$1.2 billion for the refinery while the Mumbai-based Essar may not have bid very aggressively, industry sources said.
A Libyan company may have also put in a bid for buying Shell’s stake in the refinery.
When contacted, an Essar Oil spokesperson declined to comment.
According to reports, Shell’s Stanlow complex produces a sixth of the UK’s petrol and is the oil giant’s only refinery in Britain which is being sold along with two German refineries, at Heide and Harburg.
In July, Shell posted a steep decline in second-quarter profits, primarily hit by falling crude prices.



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