APS : Saturday, 01 December 2018
ALGIERS– National hydrcarbon group Sonatrach and ESSO Italiana (subsidiary of US group ExxonMobil) have closed Saturday in Italy’s Milan the transaction on Augusta refinery, said Sonatrach in a communiqué.
The transaction perimeter includes Augusta refinery (Sicilia), the three oil terminals in Palermo, Napoli and Augusta, as well as shareholdings in pipelines connecting the refinery to the various terminals, added the source.
The Italian refinery, subsidiary of Sonatrach, called Sonatrach Raffineria Italiana Srl, becomes the owner of these shares as of Saturday 1St December 2018.
The closing of the transaction follows a 6-month transaction process which allowed Sonatrach ‘’remove all the conditions precedent, notably those related to the anti-trust agreements,’’ said Sonatrach.
Through this purchase, Sonatrach refining system will be reinforced with a supplementary refining capacity of 10 tonnes per year and storage capacity that equals autonomy of 3 days of consumption of gas oil, and 3 days of fuel consumption.
By this refining capacity, this refinery becomes the second largest refinery of Sonatrach after the refinery of Skikda (16 million tonnes per year).
The Augusta refinery will allow Sonatrach to adjust its local gas oil and fuel deficit and export the surplus production to the international markets.