Essar Oil UK to raise 400 million to evade financial troubles
Essar Oil UK, the owner of Stanlow Refinery, said it has successfully addressed the required financing to replace the previous receivables facility
Nevin John | April 23, 2021 | Updated 22:19 IST
Essar Oil UK operates the Stanlow Refinery located on the south side of the Mersey Estuary near Liverpool
Essar Oil UK, controlled by the Ruias, is in advanced negotiations with Apollo Global Management and three other banks to raise GBP 400 million to repay the credit raised against receivables from Lloyds Bank. The British lender had ceased acting as Essar's main banker after the company ran into financial troubles due to pandemic-led disruptions.