The refinery is now generating positive EBITDA in the region of $40m for the second calendar quarter of 2021, which compares with a negative $18m in the corresponding quarter of 2020. Essar confident it can secure credit to keep Stanlow oil refinery running "Short-term financial disruption was caused recently when a bank decided to amortise a credit facility related to the company's facilities," it said in a statement, without giving any specifics. “We are grateful for the support we have received, and continue to receive, from our customers, suppliers and the Government through the last year. Essar Oil has announced the appointment of the former boss of Sweden's largest fuel firm as its new CEO. Mersey oil refinery business Essar Oil (UK) is in talks with one of the world’s largest investment groups over a possible £400m investment, media reports suggest. Essar Oil UK, which owns the Stanlow refinery in the UK, said it hopes to put together a new financing deal by the end of June to ensure stability of operations and its business. A spokesperson for Essar Oil UK said: “EOUK is well advised by a suite of highly experienced, professional firms. Essar Oil (UK) Ltd (Essar) has announced that it has join forces with Fulcrum BioEnergy Ltd (Fulcrum) and Essar’s subsidiary company Stanlow Terminals Ltd (STL) to create a new facility that will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports. It is estimated that Stanlow produces 4.4bn litres of diesel, 3bn litres of petrol and 2bn litres of jet fuel each year. New Delhi: Essar Group in partnership with clean energy specialist Progressive Energy will invest 750 million pound to build the UK's biggest low carbon hydrogen production hub at Stanlow refinery in Ellesmere Port, Cheshire. However, it said it was “confident” that it would put in place “an optimal financing solution” for the company. The site directly employs more than 900 people, with an additional 800 on-site contractors and a further 5,000 people working indirectly within the extended value chain, according to … Stanlow oil refinery is at Ellesmere Port Why you can trust Sky News The owner of Britain's second-biggest oil refinery has been hit by the resignation of two blue-chip City law firms amid a deepening financial and corporate governance crisis at the company. The owner of Stanlow Refinery has said it is 'confident' about the site's future despite going through a 'very difficult' past 12 months. Digital car sales specialist creating 100 jobs at its Manchester... Law firm set to smash through £100m barrier, Portman Travel expands sports offering with latest acquisition. Sky News claims the refinery owner has approached the Government for financial support following falls in fuel prices caused by the pandemic. Demand for the refinery’s products continues to strengthen alongside the easing of lockdown restrictions in the UK. “We look forward to continuing to serve our customers with high value products and progressing our post-carbon transformation plans.”. A spokesperson for Apollo declined to comment. Stanlow Refinery is owned by Essar Energy in Ellesmere Port and is used to transport seaborne oil for refining and chemicals for Essar and Shell. And, as restrictions continue to ease, the company said it will also benefit from the anticipated recovery in aviation fuel demand in the coming months. Private equity giant Apollo Global Management is in talks with the owners of the struggling Stanlow oil refinery over a £400m refinancing deal, it was revealed today. TheBusinessDesk.com © 2008 - 2021. Amazon posted record profits from pandemic shopping, while Twitter shares fell after providing lower revenue guidance. Stanlow, 15th February, 2021. The owner of the Stanlow oil refinery in Cheshire said it is confident of concluding a satisfactory financing deal to sustain the business. 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It is said it received lenders’ consent for the loan. Essar Oil (UK) Limited (Essar) is delighted to join forces with Fulcrum BioEnergy Limited (Fulcrum) and Essar’s subsidiary company Stanlow Terminals Limited to create a new facility which will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports. In January this year Essar also announced plans to create a £750m hydrogen production plant at Stanlow, with Progressive Energy, developers of HyNet North West, an industrial decarbonisation cluster. A covenant waiver agreed with the lender expired at the end of March, triggering the search for new funding, after Lloyds reportedly grew frustrated with Essar UK’s governance. Doubts were raised about business continuity after it was reported that the refinery may cave in after Lloyds Banking Group, the main financier, walked out. A spokesperson said: “We are delighted to report on the positive developments at the refinery. Bitcoin: What is it and why is it crashing? A spokesperson for Essar declined to comment on specific names, saying instead that the firm was speaking to multiple finance providers. Investment group Apollo Global Management has been talking to Essar Oil UK about funding for the Stanlow refinery, according to UK media. Analyst warns of crypto 'sustainable loss', Wall Street and FTSE 100 drop as inflation worries mount, Murdered By A Mob: Bijan Ebrahimi's tragic death and where his killers are now, Elon Musk’s ‘diamond hands’ Tesla tweet stems crypto price plunge amid dramatic collapse, Holiday advice ‘crystal clear’, Hancock says after ministerial mixed messages, Controversial Toshiba CEO steps down, shares jump on bidding war expectations. Julian Satterthwaite reports. 2021-04-21T14:33:00Z. Bitcoin price crash: Will bitcoin recover? The site directly employs more than 900 people, with an additional 800 on-site contractors and a further 5000 people working indirectly within the extended value chain. It is expecting to conclude a further financing by the end of June 2021, and, added that, based on the proposals it has received, is confident that this further financing will be concluded swiftly. Essar Oil (UK) Limited (Essar) is delighted to join forces with Fulcrum BioEnergy Limited (Fulcrum) and Essar’s subsidiary company Stanlow Terminals Limited to create a new facility which will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports. Essar Oil UK, the operator of Britain's Stanlow oil refinery, said on Friday it was confident it could secure financing to keep the plant running after … By way of comparison, sales in February 2020 were 661kT. 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Stein Ivar Bye will be based at the company s Stanlow Manufacturing Complex in Ellesmere Port, Cheshire. The news comes with representatives for the firm this week in negotiations with government officials after it emerged the plant was close to collapse. Sky News reported that Apollo had had been in talks with Essar UK for several weeks over a deal that would involve it taking a significant position in the company’s capital structure. The owner of the Stanlow oil refinery in Cheshire said it is confident of concluding a satisfactory financing deal to sustain the business. 16th April 2021 Essar Oil UK Media Statement However, Essar said today that it has successfully addressed the required financing issues and, after the disruption caused by the pandemic, is continuing with its plans to strengthen its balance sheet. They added that such a deal would help keep the refinery running until demand for fuel began to rise again. The investment in two plants will be part of the HyNet scheme, a project to supply low carbon hydrogen to industrial sites and homes in north … The post Apollo circles Stanlow refinery owner Essar amid cash crunch - report appeared first on CityAM. The project to develop the UK’s first Low Carbon Hydrogen Plant at Essar Oil UK’s Stanlow refinery in Ellesmere Port, has been awarded £7.5m. Essar was delighted to host a visit to Stanlow Refinery today by Andrew Stephenson MP, Minister of State at the Department for Transport. Essar Oil UK’s main business is Stanlow, which it bought from Shell for £801 million in 2011. By Allister Thomas 04/02/2021, 3:33 pm Updated: 05/02/2021, 7:40 am Microsoft and partners may be compensated if you purchase something through recommended links in this article. Read more: Future of Stanlow oil refinery up in the air. There are about 70 Essar-branded petrol stations, not owned by the company. Essar appoints Stein Ivar Bye as CEO The Board of Essar Oil UK Ltd announced the appointment of Stein Ivar Bye as Chief Executive Officer. Sky News has learnt that Essar Oil UK, which bought the site at Ellesmere Port from Shell in 2011, has been in discussions for weeks about efforts to … Royal Dutch Shell's profits leapt to $3.23 billion in the first three months of the year and the energy company raised its dividend as planned, but it warned that the outlook remained uncertain due to the coronavirus pandemic. Ministerial visit to Stanlow focuses on low carbon future. Sky News – which was the first media outlet to publish reports last week regarding the future of the plant – reported yesterday (15 April) that Apollo has been in discussions with Essar for ‘several weeks’. Essar will assist with the blending and supply the new SAF to airlines, with Stanlow Terminals Limited providing product storage and logistics solutions for the project under a long-term agreement. This was followed with news in February that Essar had joined forces with Fulcrum BioEnergy and Essar’s subsidiary company Stanlow Terminals, to create a new £600m facility which will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports. Deloitte has dealt an extraordinary rebuke to the Indian billionaires behind Stanlow oil refinery, raising concerns about money siphoned out of the firm.The accounting giant said it quit as auditor to The owner of the vast Stanlow oil refinery in north-west England is in urgent talks about its future amid concern that it could be nearing collapse. News Essar donates £3,000 to local charity to mark safety milestone at refinery. A source close to Essar told City A.M. that talks with HMRC over a potential deferral of tax revenues paid on the sales of the refinery’s products were “constructive”. Demand for road and aviation fuels plummeted due to a series of lockdowns introduced by the Government, and the virtual cessation of the airline industry as countries around the world closed their borders. Sky News has learnt that Essar Oil UK, which bought the site at Ellesmere Port from Shell in 2011, has been in discussions for weeks about efforts to stabilise its finances. Essar has made a donation of £3,000 to a local charity after a significant safety milestone was reached at its Stanlow refinery. Essar Oil UK bought the Stanlow refinery at Ellesmere Port from Shell in 2011. Essar, which owns the facility in Ellesmere Port, was responding to reports that there were fears about the company's future caused by the coronavirus crisis. 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Essar Oil UK, was reported to … At the same time, the company confirmed that it was “confident” it would agree a new deal with private financiers after its arrangement with Lloyds collapse. The Fulcrum venture will complement Essar’s wider plans to build a green energy industrial cluster at the Stanlow site. Amazon and Twitter both reported earnings after the bell on Thursday. Lufthansa has cut its capacity forecast for flights this year after hopes for a summer travel rebound dwindled. Essar, which is chaired by Prashant Ruia, claims to have invested $1 billion (£715 million) in Stanlow since purchasing it from Shell in 2011 for £801 million. Like us on Facebook to see similar stories, Police arrest man on suspicion of murdering missing Agnes Akom, 20, from Cricklewood, Tesla shares lag as bitcoin plunges on China crackdown, Elon Musk is toying with people’s lives. Apollo circles Stanlow refinery owner Essar amid cash crunch Essar also aims to achieve cost cuts during the year to further improve the position. However, a source close to the investment group told Sky that a deal was far from certain. Connect with friends faster than ever with the new Facebook app. Bilfinger UK has won a six-year contract with Essar Oil at its Stanlow Refinery, which will provide work for 200 employees. Essar Oil UK bought the Stanlow refinery at Ellesmere Port from Shell in 2011. The plant will produce 3TWh of low carbon hydrogen – double the UK’s total current production of biomethane – which will be provided to industrial and eventually domestic customers in the region. Diamond hands: What do the emojis that Elon Musk tweeted about crypto crash mean, and what do they have to do with bitcoin? Essar Oil UK, was reported to have been in talks with the Government and private equity firms over funding following a dramatic fall in its markets due to the coronavirus pandemic. Essar Oil UK’s Stanlow refinery on the banks of the River Mersey . Essar Oil UK News Ministerial visit to Stanlow focuses on low carbon future. This report produced by Yahaira Jacquez. Stein Ivar Bye will become boss of the firm owning and operating the Stanlow Refinery in the North West, leaving behind his job as chief operating officer at Scandinavian crude oil giant Preem. (124302954), Essar confident of concluding vital financial support deals, Mystery over future of Essar’s Stanlow oil refinery, PE giant in talks with Stanlow refinery owner Essar over £400m refinance deal, Administrators bring Liverpool’s Shankly Hotel to market, June re-opening of Bredbury Hall Hotel will create 100 jobs. Essar Oil UK reported today that sales of products1 from the Stanlow Refinery is expected to see a 63% year-on-year increase to 537kT in April 2021, in comparison to 329kT in April 2020. Ciara Lee reports, Space Technology for Dirty Glasses (Now Available to The Public), This Pillowcase Is Quickly Becoming The Must-Have Gift Of 2021, Future of Stanlow oil refinery up in the air, Airbnb blocks 80,000 UK bookings in party crackdown ahead of lockdown easing, Apollo circles Stanlow refinery owner Essar amid cash crunch - report. The Stanlow plant, which is near Ellesmere Port, provides about 16 per cent of the UK’s transport fuel. Essar Oil UK, which bought the 2,000-acre Stanlow Oil Refinery at the Cheshire enterprise zone from Shell in 2011, has been in urgent discussions for weeks over efforts to stabilise its finances, Sky News reported on Friday. TheBusinessDesk.com is a trading name of Regional Media Services Ltd. (07111349) VAT Number. It said the refinery continues to operate as normal, with uninterrupted supply of products to meet the needs of its customers. Reuters; April 17, 2021, 13:59 IST
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