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Journalism of Courage
Royal Dutch Shell and Essar Energy say they have entered into a 1.3 billion agreement for the sale of Shell8217;s Stanlow refinery in Britain and for its inventory of crude oil and refined products.
The India-focused company has until April 1 to sign a the final agreement or pay a 50 million break fee. Shell has agreed to pay a fee of 10 million if it breaks off the deal.
Essar8217;s statement Friday said it was paying 350 million for the refinery and some 780 million for its onsite inventory.
They also agreed to an exclusive 5-year supply of crude by Shell.
Essar will enter into long-term contracts with the Anglo-Dutch company for the sale of its products amounting to more than half the refinery8217;s production,including diesel,aviation fuel and petrol.
