Media report said that India's Essar group is in the race to acquire Britain's second largest oil refinery Shell's Stanlow complex.

The Sunday Times said that Shell hopes to pocket up to GBP 1.5 billion from the sale. Shell's Stanlow complex near Ellesmere Port produces a sixth of the UK's petrol and is the oil giant's only refinery in Britain which is being sold along with two German refineries at Heide and Harburg.

The paper said that “Among the bidders are Libya's National Oil Corporation and Essar, the mobile phone to shipping conglomerate owned by the billionaire Ruia brothers, Ravi and Shashi.”

The daily further said that: “American refining giant Valero and an investment vehicle controlled by the Saudi royal family are also expected to make offers.”

The paper said that the auction is being run by Lazard and final bids are due on August 17

However, the company officials of Essar were not available for comments.

(Sourced from Business Line)