Essar Oil to acquire pipeline, oil terminal from BP for up to $100 million

Under the deal, Essar will acquire equity stake in UK Oil Pipeline, a share of the contractual JV with Shell

Essar Oil UK said in an announcement on Wednesday that it has signed an agreement to acquire a few assets owned by energy major BP. The deal includes a stake in the UKOP pipeline, a contractual joint venture and ownership of an oil terminal.

The total investment in the acquisition of these assets is pegged at $75 million to $100 million, and will take Essar Oil’s total investment in building its United Kingdom (UK) business to $1 billion, the company said. In its statement, Essar Oil added that it remains committed to further investments in this geography and will look for