BP to Purchase Chevron's Manufacturing Business in the Netherlands

BP announced today that it has agreed to purchase Chevron's Netherlands manufacturing company, Texaco Raffinaderij Pernis B.V., for around $900 million, excluding working capital and hydrocarbon inventory. As a result of the deal, BP will acquire Chevron's 31 per cent minority shareholding in the Netherlands Refining Company (Nerefco), Chevron's stake in the jointly owned wind farm located at the refinery and their shareholdings in the nearby TEAM crude oil terminal and storage facility and a number of associated pipelines.

On completion of the transaction, which is expected during the first half of the year subject to the required regulatory approvals, Nerefco Refinery, which is located in Europoort, Rotterdam, will become a 100 per cent BP owned asset.

"Nerefco is a large, flexible refinery that is ideally configured to serve the growing demands for clean transport fuels, particularly diesel, throughout Europe," says John Manzoni, chief executive of BP refining and marketing. "As sole owners we will be able to simplify the existing operations which were designed to meet the individual requirements of each party."

Nerefco has a crude distillation capacity of 400,000 barrels a day, one of the largest in Europe, and can export products worldwide in addition to serving European markets. The transaction is not expected to have any impact on day to day operations at the refinery or on its employees.

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Posted 09/03/07

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