Libya, Bids for Shell's UK Refinery.
Libya and India's Essar are both bidders for Shell's UK refinery according to a report in the Sunday Times. U.S. oil refiner Valero and an investment vehicle controlled by the Saudi royal family are also expected to submit bids alongside Libya's National Oil Corporation and Indian conglomerate Essar. The Stanlow complex, Britain's second largest oil refinery near Ellesmere Port, Cheshire, is being sold along with two German refineries at Heide and Harburg. The company aims to make 1.5 billion pounds ($2.51 billion) from the sales, according to the report. A spokesman at Valero said the company has stated previously that it would be interested in looking at available assets in Europe but he declined to comment on the report. A spokeswoman at Shell said "we're continuously seeking out opportunities to improve the possibility of a portfolio in line with its downstream strategy and in light of this, Shell will talk to third parties from time to time." The other parties involved were not immediately available for comment. Shell, which posted a 70 percent fall in net profit in the second quarter at the end of July, said it plans to sell around 8 percent of its refinery capacity.
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|Publication:||UMCI News (Potomac Falls, VA)|
|Date:||Aug 16, 2009|
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