Essar Group plans to sell Stanlow refinery to raise $500-$600 million

Essar Group plans to sell the Stanlow refinery in Britain, three sources familiar with the matter said on Wednesday.

The group is seeking to raise $500-$600 million for the plant in the northwest of England, two of the sources said. However, other plants in the UK Murco's Milford Haven and the Bankrupt Petroplus's Coryton failed to find buyers.

Essar Energy declined to comment.

A formal sales process will be launched after all the requirements related to the delisting of Essar Energy from the London Stock Exchange are met, two of the sources said.

Essar Energy shares ceased trading on the London Stock Exchange on Tuesday, and the formalities of making the company a privately-held company wholly owned by EGFL are set to be complete by next month.

Essar Global Fund, an investment fund which owns commodity and infrastructure assets around the globe, announced that it will de-list its UK operation.

(Reuters)