Essar Oil UK has entered the UK fuel retail business following the successful turnaround of the Stanlow refinery, which it acquired from Shell almost half a decade ago.
The company has acquired seven outlets from major players such as Gulf Oil, Total and Jet, thereby becoming the Indian oil company to foray into the European fuel retail sector, reported PTI.
The firm is aims to establish four hundred outlets in three years, as well as gain a share of 10% in the UK fuel retail sector using the ‘Made in UK’ campaign.
Essar intends to offer easy contracts and better supply and financial terms to fuel dealers.
The company’s move into the fuel retail segment is part of its strategy to accrue $100m for its refinery operations.
In 2011, Essar bought the Stanlow refinery from Shell, an Anglo-Dutch firm.
The unit is now a major refinery in the UK, with a 16% share in the transport fuels segment.