Esar Oil is in talks to extend the January VAT payment deadline

ESA Team logo at its headquarters in Mumbai, India, August 21, 2017 REUTERS / Danish Siddiqui

September 26 (Reuters) – British company Stanley Oil refinery operator Esar Oil has extended its January deadline to pay hundreds of millions of pounds in tax payments, the company said on Sunday.

Esar Oil still has to pay 22 223 million ($ 305 million) to HMA Revenue and Customs (HMRC) in January, the company said. .

Essar, speaking to Reuters, said HMRC had already paid 7 547 million out of a total of 70 770 million.

The company has agreed with HMRC to expedite the payment of the balance due to delays.

In a statement to Reuters, Essar said he was in talks with HMRC over a “short extension” to pay the VAT.

“Those discussions are positive and the UK is looking forward to a decision soon,” he added.

He said the company had returned to a positive EBITDA (before interest, tax, depreciation and reduction) and therefore “is in a very strong position to cope with the ongoing struggle.”

After a short-term financial crisis, Essar received more than $ 850 million in funding for the Stanley filter. Read more

Stanlow, which employs 900 people and more than 800 direct contractors, supplies road fuel to northwestern England, and jet fuel to Manchester and Birmingham airports.

Long queues at gas stations in Britain, and a severe shortage of truck drivers and some pumps have dried up and distributed fuel, prompting the government to consider issuing temporary work visas. Read more

($ 1 = 0.7311 pounds)

Reported by Akrit Sharma and Jubi Babu in Bengalru; Correction by Christson Donovan

Our Standards – Thomson Reuters Principles.


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