Downstream energy company, Essar Oil UK has announced that it has signed an agreement with storer of refined petroleum products Oikos Storage, Canvey Island, UK.
Under the agreement, Essar will store and distribute middle distillate fuels at Oikos’ Canvey Island facility to serve the Thames region. The agreement will also leverage Oikos’ connectivity to the United Kingdom Oil Pipeline (UKOP) system to supply the Northampton and Midlands regions.
Deepak Maheshwari, CEO of Essar Oil UK, says: “This agreement represents a significant step in Essar’s strategic downstream ambitions, boosting capacities and ability to meet demand at Northampton and Kingsbury. We are delighted to be working with Oikos to gain access to the largest market in the country, leveraging our strong automotive fuel expertise to serve existing and new markets across London and the South East.’
Arun Sriskanda, MD of Oikos, says: ‘Oikos is delighted to enter into a long-term contractual commitment with Essar Oil UK Limited…This partnership will improve the UK’s fuel connectivity and supply chain resilience, as well as develop our site’s capability as we prepare for future fuel trends. We look forward to playing an important supporting role in Essar’s UK midstream operations.’
