Essar Oil under negotiation to extend UK VAT payment deadline in January


Reuters — Essar Oil UK, the operator of the Stanlow Oil Refinery in the UK, is in talks with UK authorities to extend the January deadline to repay hundreds of millions of pounds of deferred taxes, the company said on Sunday. Stated.

Essar Oil confirmed earlier reports from The Sunday Times, stating that HMRC would have to pay £ 223m ($ 305m) by January. ..

Essar said it had already repaid £ 547m ($ 749m) to HMRC out of a total of £ 770m ($ 1.05bn) in response to Reuters’ request for comment.

The company has agreed on an accelerated schedule with HMRC to make the remaining payments that could not be met because the recovery from the pandemic was slower than expected.

In a statement to Reuters, Essar said he was discussing a “short-term extension” with HMRC to make postponed VAT payments.

“These discussions are positive and EOUK looks forward to a quick resolution,” he added.

The company has returned to positive EBITDA (interest, taxes, depreciation, and pre-amortization earnings) and is “in a much stronger position to overcome the ongoing challenges posed by the pandemic.” rice field.

In May, Essar secured more than $ 850 million in funding at the Stanlow Refinery after a short-term financial crisis.

Stanlow employs 900 people directly and an additional 800 contractors on-site, supplying road fuel to northwest England and jet fuel to Manchester and Birmingham airports.

A long line of vehicles is meandering at a gas station in the UK, where many garages and some pumps are depleted due to a serious shortage of truck drivers, and the government is considering issuing a temporary work visa. It came to be.