The national oil company, Sonatrach, and Esso Italiana (a subsidiary of the US group ExxonMobil) closed yesterday, in Milan (Italy), the transaction concerning the refinery Augusta, APS reported, quoting Sonatrach's statement.
Sonatrach's Italian refinery subsidiary, Sonatrach Raffineria Italiana Srl, now owns these assets. In addition to the Augusta refinery (Sicily), the transaction includes the three oil terminals in Palermo, Naples and Augusta, as well as interests in pipelines linking the refinery to the various terminals.
The finalization of the agreement, concluded last May, follows a six-month transition process that allowed the Algerian group to lift all conditions precedent, including those related to antitrust agreements, argued the Algerian group .
In early May, Sonatrach signed an agreement with Esso Italiana in Rome for the acquisition of the Augusta refinery and three oil terminals in Italy. At the time, Sonatrach explained that "the transfer of the property of the refinery and its assets would occur at the end of 2018, subject to the fulfillment of certain conditions, including the approval of this sale by the authorities. burden of competition ".
With this acquisition, the Sonatrach refining system will be reinforced with an additional refining capacity of 10 million tonnes of treatment per year and storage capacity equivalent to an additional autonomy of 3 days of consumption in France. fuel oil and 3 days of fuel consumption. This refining capacity will enable the refinery to rank second among the group's capacity positions after the Skikda refinery (16 million tonnes / year).
According to Sonatrach, the Augusta refinery will also cover the Algerian gasoline and gasoline deficits, even assuming a 2-year lag in the commissioning of new fuel reforming projects. naphtha, the Skikda oil hydrocracking project and the new Hassi Messaoud refinery.
Included in the transaction, the fuel terminals of Naples, Palermo and Augusta also offer an additional storage capacity of 565 kb (565,000 barrels) of gasoil and 309 kb (309,000 barrels) of gasoline. This will ensure 3 additional days of storage autonomy compared to the autonomy that exists in Algeria through the capabilities of Naftal and Sonatrach.
Moreover, "one of the important elements of ExxonMobi's specifications" is, according to Sonatrach, "the requirement to resume production of base oil through an offtake contract". 10 years". "This condition not only allows to have a guaranteed source of income for base oils, but especially to have ExxonMobil as a de facto partner for at least 10 years," noted Sonatrach in May.
Article Energy: The Augusta refinery officially owned by Sonatrach first appeared on El Watan .