Essar Oil UK hopes to clinch finance deal by June

London (Quantum Commodity Intelligence) - Essar Oil UK, the owner of Stanlow refinery, hopes to clinch further financing by the end of June to strengthen its balance sheet, it announced today.

"The company is confident that this further financing will be concluded swiftly, based on the proposals it has received," a statement on its website read.

Meanwhile, the 210,000 b/d refinery continues to operate as normal, with uninterrupted supply of products to meet the needs of our customers, the owner said.

"(Stanlow) is generating positive EBITDA in the region of $40 million for the second calendar quarter of 2021 (which compares to negative $18 million in the corresponding quarter of 2020," Essar Oil UK reported.

Apollo Global Management is one of the parties in talks to provide about £400m in funding to Essar Oil UK.

Part of any new funds secured by Stanlow's parent would be earmarked to repay at least part of a large outstanding bill owed to HM Revenue and Customs, according to Sky.

Essar UK Oil tabled urgent talks with the UK government earlier this month after running into financial difficulties.