December 22, 2010 at 12:30 am #2426
European oil refineries up for sale
LONDON Tue Dec 21, 2010 (Reuters) – Many European oil and chemical firms have been looking to sell domestic refineries since last year as demand for fuels and petrochemical products has fallen more sharply in Europe than elsewhere, hitting profit margins.
Following are the refineries sold or are up for sale:
OMV – ARPECHIN
* Austrian oil and gas company OMV said it would sell its Arpechin refinery in Romania or permanently close it.
The plant is currently idled and can process about 70,000 barrels of crude oil. It was built in 1964.
SHELL – HARBURG, STANLOW
* India’s Essar Oil has made a “credible” bid for Shell’s UK Stanlow refinery, a union official said in December, and Shell has given the group until the end of February to come up with a firm bid.
* Shell said it would withdraw the plant from the market if a deal failed to materialise and continue operations.
* Royal Dutch Shell in August agreed to sell Heide to billionaire Gary Klesch and Gothenburg in Sweden to Finland’s St1.
* Shell has also been in non-exclusive talks to sell its German Harburg refinery to Essar.
* This unit has a capacity to process 5.2 million tonnes of crude oil a year (roughly 110,000 bpd). It is moderately complex and its key units are a catalytic cracker for gasoline making and lubricant systems.
* Stanlow has a capacity to process 267,000 bpd.
TOTAL – LINDSEY
* French major Total is looking to sell the 221,000 barrels per day refinery, Britain’s third-largest refinery, which began operation in 1968 and employs about 500 people.
* In May, Total said it had received several bids and would hope to reach a deal after the summer.
* Swiss refiner Petroplus said it had proposed buying it. Petroplus said earlier this year: “We are still looking at this opportunity.”
* A relatively simple refinery, with an undersized gasoline-making catalytic cracking unit relative to its crude processing capacity, it has high middle distillate yield.
* The plant can process 40 different types of crude oil, while North Sea crude accounts for 85-95 percent of its crude oil slate, according to the corporate website.
* Total invested 200 million pounds ($303.1 million) in the HDS-3, or hydrodesulphurisation unit, to make ultra low sulphur diesel.
* Construction had been planned to complete in spring 2010, but works have been suspended following a fire in late June.
MURPHY – MILFORD HAVEN
* U.S. oil firm Murphy Oil Corp said it would sell its three refineries, including the Milford Haven plant in Britain, to focus on oil and gas exploration and its U.S. retail business.
* Milford Haven started operation in 1973. After debottlenecking works early in 2010, it can process about 130,000 barrels of crude oil per day.
* Its complexity is moderate, with a well balanced yield of light products and middle distillates.
* In 2007, Murphy’s UK subsidiary, Murco Petroleum, bought a 70 percent stake from France’s Total to become the 100 percent owner. The value of the deal was about $256 million.
CONOCOPHILLIPS – WILHELMSHAVEN
* U.S. oil major ConocoPhillips is considering either selling its Wilhelmshaven refinery or turning it into a terminal. It cancelled a plan to upgrade the refinery.
* Built by Mobil Oil between 1973 and 1976, it is a simple refinery and can process about 260,000 bpd of crude oil.
* ConocoPhillips bought the plant from Louis Dreyfus in 2005.
* Shut since October 2009. Caught fire in May, in process of restarting.
CHEVRON – PEMBROKE
* U.S. major Chevron said it would sell the 210,000 bpd plant in Wales.
* The plant came on stream in 1964.
INEOS – GRANGEMOUTH
* Located in Scotland, the plant processes about 200,000 barrels of crude oil per day.
* Current operator British chemicals maker Ineos bought the plant from BP in 2005.
* Chinese oil firm PetroChina is in talks to invest in the Grangemouth refinery.
* Grangemouth is a moderately complex refinery equipped with both hydrocracking and catalytic cracking systems, giving it flexibility to produce gasoline and middle distillates, such as diesel, according to market demand.
* The plant is connected to the North Sea Forties pipeline, which delivers about 650,000-700,000 bpd of crude oil, roughly half of the UK’s daily production.
* Morgan Stanley has a deal with Ineos for product marketing and some crude oil purchase. (Reporting by Ikuko Kurahone, Emma Farge; editing by James Jukwey)
December 22, 2010 at 12:34 am #5357
Here is an Update on EU refineries and also several other industries with wide spectrum of EU mergers & sales – see that list below – CE Randall):
EU mergers and takeovers (Dec 21, 2010)
BRUSSELS, Dec 21, 2010 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS:
— Media group News Corporation to take full control of British pay-TV company BSkyB (approved Dec. 21)
— Tranquilidade, part of financial group Espirito Santo Financial Group, and Spanish banking and insurance group Banco Pastor to acquire joint control of Spanish insurer Pastor Vida; Spanish investment fund manager Espirito Santo Gestion to acquire Spanish investment fund manager Gespastor (approved Dec. 21)
— Spain’s Banco Santander to acquire Poland’s Bank Zachodni WBK from Allied Irish Banks (approved Dec. 21)
– French private equity group PAI to acquire Dutch clothing retailer Hunkemoller (notified Dec. 16/deadline Jan. 31/simplified)
EXTENSIONS AND OTHER CHANGES:
— Swedish mobile network equipment maker Ericsson to acquire the multi-service switch business of Canadian group Nortel (withdrawn Nov. 30)
FIRST -STAGE REVIEWS BY DEADLINE:
— U.S. bug spray maker SC Johnson to acquire Sara Lee Corp’s remaining insecticide business (notified Nov. 3/deadline extended to Dec. 22 from Dec. 8 after company offers commitments)
— British company Mitsui Renewable, which is part of Mitsui & Co, to acquire a minority stake in Spanish energy company Guzman from FCC Energia SA (notified Nov. 17/deadline Dec. 22/simplified)
— Swiss trading and services company Coop Cooperative to acquire sole control of food wholesaler Transgourmet (notified Nov. 18/deadline Jan. 3/simplified)
— London-listed petrochemical giant Royal Dutch Shell and Brazil’s Cosan to form a joint venture for the production and sale of sugar and sugar by-products, ethanol and by-products (notified Nov. 18/deadline Jan. 03)
— U.S. industrial group GE to acquire U.S. oil equipment maker Dresser Inc. (notified Nov. 19/deadline Jan. 4)
— Thomas Cook to merge its high street and foreign exchange business with British mutual retailer Co-operative group’s operation (notified Nov. 9/deadline extended to Jan. 6 from Dec. 14 after the British regulator submitted a referral request)
— German car parts companies Brose Fahrzeugteile GmbH & Co and SEW -Eurodrive GmbH & Co to set up a joint venture (notified Nov. 23/deadline Jan. 6/simplified)
— Danish cooperative slaughterhouse copany Danish Crown to acquire German peer D&S Fleisch (notified Nov. 23/deadline Jan. 6/simplified)
— Brazilian groups Votorantim and Fischer to merge (notified Nov. 24/deadline Jan. 7)
— Private equity firms First Reserve Corporation and Blackstone to acquire joint control of North American oil refinery operator PBF Energy (notified Nov. 24/deadline Jan. 7/simplified)
Article link @ http://uk.finance.yahoo.com/news/EU-mergers-takeovers-Dec-21-targetukfocus-4107895052.html?x=0
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