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Corporate
Western Europe: Refineries for sale
STRONG refining margins have upped the value of western Europe's better refineries and have brought a surge of corporate activity to what was a fairly static sector. If, as is tipped, Russian companies emerge among the buyers, the outcome is likely to be increased flows of Russian crudes through Europe's big refining centres. The latest asset to come to market is Chevron's 31% interest in the Nerefco refinery at Europoort, the Netherlands – a 400,000 barrels a day (b/d) facility operated by BP, which owns the other 69%. Chevron says it is inviting offers for the share and also for its marketing operations in the Benelux countries. The firm's chief executive, David O'Reilly, says: "We do not view Europe downstream as a core part of our business and we are decreasing our exposure there." In July, Norway's Hydro and Chevron agreed to sell Hydro Texaco, their 50:50 marketing subsidiary in Norway ...Click here to continue reading Corporate
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