Shell, Essar talk refinery stakes | business | Hindustan Times
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Shell, Essar talk refinery stakes

business Updated: Oct 30, 2009 20:44 IST
HT Correspondent

Royal Dutch Shell has entered into an exclusive negotiations with the Ruias-promoted Essar Group regarding the sale of its stake in three refineries, one in Britain and two in Germany.

Essar has in August this year bid for Shell’ stake in the

Heide, Harburg and Stanlow refineries.

When contacted, Shell’s spokesperson in UK confirmed the move and told Hindustan Times that it was talking only to Essar about the stake sale in the three refineries. “No timeframe or price has been agreed for refinery sales but we are in talks with Essar.”

On its part, Essar Group’s spokesperson said, “Yes. Essar has entered into an exclusive negotiation with Shell for buying Shell’s Refinery at Stanlow in UK and Heide and Harburg in Germany. However, it is too premature to comment any further on the matter.”