Essar Oil seeks extension on settling value-added tax arrears in UK

Essar Oil UK (EOUK) on Saturday night rushed out a statement to inform the market it was in negotiations with the British government to extend a settlement of its VAT (value-added tax) arrears and expected an early resolution.
 
This seemed to be intended to calm speculation that it may be on the brink of collapse, following media reports to this effect.
 
The weekend in Britain witnessed a rare shortage of fuel at service stations. This was attributed to a dwindling number of drivers and hauliers caused by the UK’s exit from the European Union. People from the EU