LUKOIL completed the purchase of a 45% share in The Zeeland refinery in Vlissingen, The Netherlands
The value of the stake, excluding crude oil and products inventory, was USD 600 million, in line with an agreement reached between LUKOIL and Total last June.
As a result of the transaction, LUKOIL will replace Dow Chemical as Total’s partner in Zeeland refinery. 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.
Zeeland refinery is located in the Vlissingen Oost harbour area in the southwestern part of the Netherlands in one of world’s largest oil and oil-product trading hubs (Amsterdam-Rotterdam-Antwerp) and benefits from access to the well-established infrastructure, including Maasvlakte Olie Terminal, in which Zeeland refinery owns a 22% share. These advantages enable LUKOIL to strengthen its positions in North Western Europe and increase efficiency of its trading operations.
The plant has a topping capacity of 158 thousand barrels per day and a hydro- cracking unit, one of the biggest in Europe, with a capacity of approximately 68 thousand barrels per day. With a Nelson complexity of 9.8, TRN is among the most sophisticated and top-performing European refining assets.
The refinery is capable of processing 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 beneficial location of the asset will enable LUKOIL to reinforce its trading positions in North Western Europe and realize significant synergies.
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.
Countries
Companies
Latest news
PureCycle’s First Plastic Recycling Plant in Europe located in Antwerp-Brugges NextGen District, Belgium
The new plant is expected to have an annual capacity of 59,000 metric tons, with opportunities to expand operations with an anticipated total capacity of approximately 240,000 metric tons per year.
CABB site in Kokkola, Finland: vital growth with a focus on sustainability
CABB Group will invest more than EUR 50 million by 2025 in expanding its facilities at its site in Kokkola, Finland. A new office building is also being constructed. Special attention is being pai...
TotalEnergies commissions BioBéarn, the country’s largest anaerobic digestion unit in Mourenx, France
The project will convert 220,000 metric tons of organic waste into 200,000 metric tons per year of digestate, a natural fertilizer, and 160 GWh of biomethane. This new unit allowing to avoid the em...
Borealis, committed to lead the transformation to a circular economy, acquires a majority stake in Renasci’s Ostend facility, Belgium
Borealis increases its financial investment in Renasci to acquire a majority shareholding position of 50.01%. Investment will provide Borealis increasing access to chemically recycled feedstock, st...