5th Mar 2007 14:00
BP PLC05 March 2007 March 5, 2007 BP TO PURCHASE CHEVRON'S MANUFACTURING BUSINESS IN THE NETHERLANDS BP announced today that it has agreed to purchase Chevron's Netherlandsmanufacturing company, Texaco Raffinaderij Pernis B.V., for around $900 million,excluding working capital and hydrocarbon inventory. As a result of the deal, BPwill acquire Chevron's 31 per cent minority shareholding in the NetherlandsRefining Company (Nerefco), Chevron's stake in the jointly owned wind farmlocated at the refinery and their shareholdings in the nearby TEAM crude oilterminal and storage facility and a number of associated pipelines. On completion of the transaction, which is expected during the first half of theyear subject to the required regulatory approvals, Nerefco Refinery, which islocated in Europoort, Rotterdam, will become a 100 per cent BP owned asset. "Nerefco is a large, flexible refinery that is ideally configured to serve thegrowing demands for clean transport fuels, particularly diesel, throughoutEurope," says John Manzoni, chief executive of BP refining and marketing. "Assole owners we will be able to simplify the existing operations which weredesigned to meet the individual requirements of each party." Nerefco has a crude distillation capacity of 400,000 barrels a day, one of thelargest in Europe, and can export products worldwide in addition to servingEuropean markets. The transaction is not expected to have any impact on day today operations at the refinery or on its employees. Notes to Editors: • BP currently owns or has shareholdings in eight European refineries, giving it a total crude distillation capacity of 926,000 barrels a day. • BP recently announced that it has agreed to sell its Coryton refinery in the UK with a crude distillation capacity of 172,000 barrels a day, to Petroplus Holdings AG for $1.4 billion. • Once the sale of Coryton and the acquisition of Chevron's shareholding in Nerefco are completed, BP will have an interest in seven European refineries and a crude distillation capacity of 878,000 barrels a day. Further information: BP Press Office, London, tel: +44 (0)207 496 4358 - ENDS - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BP