Companies

Essar Oil UK names new CEO

Vidya Ram London | Updated on September 28, 2011 Published on September 28, 2011

BP's former head of refining and marketing strategy will take over as the new CEO of Essar Oil UK.

Mr Volker Schultz, who has worked for BP for 23 years, will take over the Essar Energy subsidiary in October, reporting to the Essar Energy CEO, Mr Naresh Nayyar, the company said on Wednesday.

The appointment comes at a crucial moment for the company, which is currently in the midst of a 100 day review of Stanlow, the refinery it acquired from Royal Dutch Shell on August 1.

The company said it hopes to make decisions on operational investments and improvements to increase productivity during this review. Europe's refinery market has been under pressure. This week Lyondell Bassel, a Dutch chemical firm announced the closure of a French refinery after failing to find a buyer.

Published on September 28, 2011
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