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LUKoil buys Total's 45% stake in Dutch oil refinery for $600 mln

© Mikhail Beznosov / Go to the mediabankLUKoil buys Total's 45% stake in Dutch oil refinery for $600 mln
LUKoil buys Total's 45% stake in Dutch oil refinery for $600 mln - Sputnik International
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LUKoil has completed the acquisition of a 45% stake in a Dutch oil refinery from France's Total for $600 million, Russia's largest independent oil producer said on Tuesday.

MOSCOW, September 1 (RIA Novosti) - LUKoil has completed the acquisition of a 45% stake in a Dutch oil refinery from France's Total for $600 million, Russia's largest independent oil producer said on Tuesday.

"The value of the stake [in Total Raffinaderij Nederland (TRN)], excluding crude oil and products inventory, was $600 million, in line with an agreement reached between LUKoil and Total last June," the Russian crude producer said in a statement.

The shareholders will continue to operate the refinery on a processing basis by providing crude oil and other feedstocks and receiving back refined products on the basis of their ownership in the refinery, the Russian oil company said in a statement.

TRN is located in the Vlissingen Oost harbor area in the southwestern Netherlands, one of world's largest oil and oil-product trading hubs (Amsterdam-Rotterdam-Antwerp), and benefits from access to well-established infrastructure, including the Maasvlakte Olie terminal, in which TRN owns a 22% share, the statement said.

The plant has a capacity of 158,000 barrels per day and a hydro-cracking unit, one of the biggest in Europe, with a capacity of approximately 68,000 barrels per day, the statement said.

The refinery is capable of processing Russia's Urals blend crude oil as well as significant volumes of straight-run fuel oil and vacuum gasoil, which will allow LUKOIL to integrate the plant into its production chain. The company will also be able to use TRN to supply and further develop its retail presence in Western Europe, the statement said.

"The beneficial location of the asset will enable LUKoil to reinforce its trading positions in northwestern Europe and realize significant synergies," the statement said. .

The acquisition of a share in TRN represents another milestone in LUKoil's strategy to acquire world-class refining assets located in direct proximity to end-user markets, the statement said.

 

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