Essar Oil up 2 per cent on Shell buying plans

Shares of Essar Oil rose nearly 2 per cent after it agreed to buy Royal Dutch Shell's Stanlow refinery in the United Kingdom for about $350 million to $400 million.

Essar Oil is set to buy Royal Dutch Shell's Stanlow refinery in the United Kingdom for about $350 million to $400 million, two sources with direct knowledge of the development told Reuters.

The two companies have agreed on the terms and an announcement is expected soon, said the sources, who declined to be named as they were not authorised to speak to the media before an official announcement.

At 11:07 AM, shares of the company were up 1.90 per cent at Rs 112.90.