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Essar appoints Stein Ivar Bye as chief executive officer

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New Delhi, Oct 20 (PTI) Essar Oil UK Ltd, the firm that owns the Stanlow refinery in the UK, on Tuesday announced the appointment of Stein Ivar Bye as its new chief executive officer.

He will be based at the company's Stanlow Manufacturing Complex in Ellesmere Port, Cheshire, the company said in a statement.

He brings with him over 28 years of experience in the oil and energy sector, working internationally across Europe, Africa, the Middle East and Asia.

Stein, who graduated from the Norwegian University of Science and Technology (NTNU) and has an MBA in Business Strategy and Management from BI Norwegian Business School, previously spent 25 years with ExxonMobil and was latterly chief operating officer at Sweden's largest fuel company Preem, it said.

Essar Oil UK Non-Executive Chairman Prashant Ruia said, 'As an organisation, our sights are firmly set on transforming our UK business, ensuring its growth and long term sustainability as we transition towards a low carbon energy economy and deliver the energy solutions of the future for Britain. Stein will be pivotal in meeting this challenge and fulfilling this ambition.' Stein Ivar Bye said the society's demand for efficient and sustainable energy solutions is an inspiring challenge and will require creativity and perseverance.

'With the collective competency and commitment of the Essar organisation, and strong stakeholder engagement, I am confident Essar Oil UK will be a part of the solution for the future,' he added.

Stanlow produces 16 per cent of the UK's road transport fuels and the refinery processes 10 million tonnes of crude and feedstocks annually.

Since acquiring Stanlow in 2011, Essar has invested USD 1 billion in the UK oil business.

The site's largest-ever turnaround in 2018 saw the successful delivery of a project that increased annual throughput capacity from 68 million to 75 million barrels, as well as improving yields and driving revenues.

Essar has broadened its downstream integration, with an entry into the UK fuel retail market. It has 71 petrol pumps, which it wants to expand to 400 sites nationally. PTI ANZ ANZ ABM ABM