Essar Power confirms new oil and item stock agreements for Stanlow refinery

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Essar Power confirms new oil and item stock agreements for Stanlow refinery

Post  marketcalls on Wed Jul 25, 2012 5:24 pm

Essar Power plc, the India-focused incorporated energy company, declared that its additional Essar Oil UK has joined into new agreements with Barclays Financial institution plc protecting the provide of raw oil to its Stanlow refinery in the UK.
Under the new agreements, Barclays will keep the selections of raw oil and oil items at Stanlow and will provide raw to the refinery in range with its specifications.
The new agreements allow Essar Oil UK to pay back its current funds turning credit assistance, offered by 13 financial institutions. Moreover, they allow Essar Oil UK to decrease its expenses by decreasing its raw oil stock holdings and also allow higher functional versatility. The client connections and item buy procedures will stay with Essar Oil UK. These agreements with Barclays are for three years and take impact instantly.

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