Essar Energy says no plans to close Stanlow refinery

Mon Mar 10, 2014 7:44am EDT

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(Reuters) - Essar Energy Plc ESSR.L has no plans to close its Stanlow oil refinery in Britain, the company said on Monday, in response to a newspaper report that the troubled plant is under threat from "uneconomic conditions".

Shares of the company fell as much as 4.5 percent on Monday.

City A.M., a free newspaper distributed in London's financial district, reported that the future of Britain's second-largest oil refinery was under threat from an influx of refined products from the United States.

Essar Energy's largest shareholder, Essar Global Fund, wants the UK government to lobby Washington to overturn a ban on U.S. crude oil and natural gas exports, the newspaper reported, without citing any sources.