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Shell in Essar stake buy talks

Royal Dutch Shell is in talks to buy 10 per cent of India's Essar Oil as part of a deal where it would sell three European refineries to the Indian firm. At current market prices, the stake would be worth $364m (£220m). Besides the stake sale, Essar is also looking at raising $1.5bn in debt as working capital for the three refineries. Shell put the plants at Stanlow and at Heide and Hamburg in Germany on the market earlier this year for  between £1bn-£1.5bn.