Success for Sewell
Top 50 Indie Sewell Retail has been named the seventh best company to work for in the Sunday Times Top 100 list. It’s the third year running for the company after reaching eighth place last year and 45th the year before. MD Patrick Sewell said: "We’re really chuffed. We know we have moved on a lot ourselves but we had some very salubrious competition. All of the staff have got behind us and were excited to find out what our position would be."
BP reveals profit loss
BP’s full-year results showed a loss of $4.9bn, including a total pre-tax charge related to the Gulf of Mexico oil spill of $40.9bn. It also resumed payment of quarterly dividends, which were suspended in June 2010 following the disaster.
Essar in Stanlow deal
Shell has confirmed it has received an offer from Essar Energy to buy its 272,000 barrel-per-day Stanlow refinery and associated local marketing businesses in the UK for a total expected consideration of some $1.3bn. In light of Essar’s offer, the two companies today signed an exclusivity agreement until April 1 this year, under which break fees would be payable if either company fails to sign an asset sales agreement.
PetroChina enters UK
Grangemouth refinery owner Ineos has been offered US$1bn by PetroChina for a 50% share in the Scottish refinery and its Lavera installation in France, following the proposal of a joint venture between the two companies last month.
The partnership with PetroChina will comprise a trading joint venture and a refining joint venture. A new Swiss company will be incorporated to hold the Ineos investment, and the two joint ventures will be operated independently of the Ineos Group.