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Home Business

Petrol worth investigation: who owns the UK’s oil refineries? | UK information

July 9, 2022
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The UK’s competitors watchdog has turned its weapons on oil refiners, pointing to the fats margins they’re making as a part of an investigation into why gas costs are so excessive.

The Competitors and Markets Authority stated it has “discovered trigger for concern within the rising hole between the worth of crude oil when it enters refineries, and the wholesale worth when it leaves refineries as petrol or diesel”.

The conflict in Ukraine has uncovered the dearth of capability in Europe, the place Russia is a refining powerhouse. Elevated demand for non-Russian oil has stoked costs elsewhere. Shell this week stated it expects its refining earnings to leap by as a lot as $1.2bn (£1bn) this quarter.

A couple of quarter of petrol and 57% of diesel used for street gas within the UK in 2021 was imported through refineries abroad. Listed here are six of the largest home refineries.

Stanlow

This facility at Ellesmere Port in Cheshire instantly employs 900 workers and provides 16% of all street transport fuels. There have been considerations in authorities over the state of its funds and paperwork filed at Firms Home present that annual losses on the firm behind Stanlow, Essar Oil (UK), deepened from $221m to $321m in 2021. Its auditors have raised considerations over the well being of the corporate. Essar is owned by brothers Shashi and Ravi Ruia, the Mumbai tycoons whose empire spans transport, oil, metals and mining. Their wealth was estimated at $2.2bn by Forbes final 12 months, and the Ruia mansion is alleged to be one of many 5 most costly houses in Delhi.

Grangemouth

The refinery is situated on the Firth of Forth in Grangemouth, Scotland the place refining has taken place since 1919. About 2,000 individuals are employed on the website together with 600 throughout the refinery itself. It’s owned by Petroineos, a three way partnership fashioned in 2011 between the state-owned Chinese language oil big PetroChina and Ineos, a part of the billionaire Jim Ratcliffe’s petrochemical empire. Earlier this 12 months, Metropolis sources stated PetroChina is eager to promote its stake after losses grew to £89.9m in 2020, from a lack of £26.1m in 2019. Ratcliffe, who’s price simply over £6bn in line with the Sunday Instances, relocated to tax-free Monaco in 2020. He made a £4.25bn bid to takeover Chelsea soccer membership earlier this 12 months however was not profitable. The tycoon has poured his wealth into soccer golf equipment in Good, close to Monaco, and Lausanne in Switzerland. He additionally owns the style model Belstaff and is making a rival automobile to the Land Rover.

Humber

The North Lincolnshire refinery processes crude largely equipped from the North Sea. It opened in 1968 and now employs about 1100 employees. It’s owned by a subsidiary of ConocoPhillips, the American multinational primarily based in Houston, Texas. The $112bn behemoth’s shares have jumped 45% over the previous 12 months and its earnings have elevated almost six-fold to $5.8bn within the first three months of the 12 months, up from $1bn in the identical interval final 12 months. A chunky 46 cents a share dividend was paid out final month. ConocoPhillips is run by the oil trade lifer Ryan Lance, who can be a board member of the Nationwide Fish and Wildlife Basis. Lance, who grew up in Montana and commenced his profession within the oilfields of Alaska, noticed his pay slip 15% final 12 months, however nonetheless landed $24m, 133 occasions greater than the typical ConocoPhillips worker.

Pembroke

The south Wales refinery has about 500 workers and handles 270,000 barrels of the black stuff a day, turning crude into finish merchandise reminiscent of diesel, jet gas and heating oil. Texas’s Valero Vitality purchased the operation from Chevron in 2011 in a £447m deal. Valero is price $43bn and its shares have rocketed 35% as power shares have boomed this 12 months. In April it informed Wall Road its quarterly refining margin had greater than doubled to $3.21bn from a 12 months earlier. In 2019, a $22m payday landed the chief govt, Joe Gorder, on the shareholder advocacy group As You Sow’s annual report of America’s “100 most overpaid CEOs”.

Signal as much as the day by day Enterprise Right now e mail or observe Guardian Enterprise on Twitter at @BusinessDesk

Prax Lindsey

In March 2021 France’s Whole oil group bought the Prax Lindsey refinery in north Lincolnshire to Prax, a unit of a little-known outfit headquartered in Surrey referred to as State Oil, which has expanded quickly. Its revenues grew almost tenfold between 2010 and 2020. The corporate’s controlling occasion, Winston Soosaipillai, who goes by his center names of Sanjeev Kumar, has nearly no public profile.

Fawley

The Fawley refinery, the most important within the UK, provides a sixth of all petrol to storage forecourts and a fifth of all airline gas used nationally. Positioned in Hampshire, it has been owned by Esso, the buying and selling title for ExxonMobil, for almost 100 years. The Texas-headquartered multinational is price $363bn and is the most important direct descendant of Commonplace Oil, the corporate co-founded by America’s first billionaire, John D Rockefeller. Exxon racked up its highest earnings in seven years final 12 months, at $23bn. The corporate paid chief govt Darren Woods $23.6m final 12 months, up from $15.6m in 2020. Woods additionally obtained a $3.1m money bonus. In Might, subcontractors at Fawley went on strike over pay.



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Tags: investigationNewsoilownsPetrolPricerefineriesUKs
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