Sonatrach purchases Exxon refinery, 3 fuel terminals

0
38

Sonatrach sealed, Wednesday in Roma, an agreement with Esso Italiana (subsidiary of US group ExxonMobil) on the purchase of the Augusta refinery and three oil terminals in Italy, announced Sonatrach in a communiqué.

 

Following the approval of Algerian authorities and the company’s board of directors, Sonatrach announced Wednesday that it sealed an agreement with Esso Italiana Srl (100% subsidiary of ExxonMobil) on the purchase of the Augusta refinery (in Sicilia) and three oil terminals in Augusta, Naples and Palermo, as well as their associated pipeline systems.

“This agreement is the result of a competitive sales procedure. The refinery property and assets will be transferred to Sonatrach in 2018 subject to compliance with certain conditions, including the approval of this sale operation by the authorities in charge of competition,” said Sonatrach.

“The Augusta refinery is able to process Sahara Blend oil and residual fuel from the refinery of Skikda. It will be directly integrated into Sonatrach’s refining system. Moreover, the purchased refinery will directly process surplus products in Algeria with a view to re-importing products in deficit today like gasoil and gasoline,” explained the source.

According to the agreement, Sonatrach “will closely collaborate with Esso Italiana Srl and ExxonMobil to ensure the effective continuity of the Augusta refinery exploitation during the transition period until it ends.”

With these three terminals purchased, “Algeria’s self-sufficiency in gasoil and gasoline will be strengthened.”

“We are extremely proud of our first investment in international refining in Italy. Thanks to the geographical proximity and privileged relations between Sonatrach and Italy, it is natural that our first refining purchase takes place in Italy,” stated Sonatrach CEO Abdelmoumen Ould Kaddour.

“Geographically speaking, the Augusta refinery is an ideal asset in terms of possible synergies with the Skikda refinery. We are committed to maintain the employment, the continuity of management, operational excellence and high standard to health, safety and the environment,” Sonatrach CEO affirmed.

Sonatrach “also intends to establish and foster an open and permanent dialogue with all stakeholders in this operation,” concluded Ould Kaddour.

APS

WHO IS DZ BREAKING?

 

 

 

 

An Algerian news website aims at covering all the country’s territory through providing objective and positive image, focusing the most on breaking news.

A dynamic team is working on feeding the website by credible information in all fields of life; a reliable network composed of specialized elements working in harmony with our team in Algiers, the website’s headquarter, provides us more coverage and simultaneity.

“English” is what makes us different in Algeria and ranks us first too not only as a news website; English also makes it simple and fast for Anglophone world to discover our country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here