Unipetrol buys out Eni for ownership of Czech refining company

Unipetrol AS has exercised its right of preemption to acquire soon-to-be former partner Eni SPA’s interest in Ceska Rafinerska AS (CRC), a refining company in Czech Republic (OGJ Online, May 7, 2014).

The company will purchase Eni’s nearly 32.5% stake in CRC for about $40.8 million, Unipetrol said.

Following the completion of the transaction, which is scheduled to occur by yearend, Unipetrol will hold 100% interest in CRC, the company said.

The agreement comes in the wake of Eni’s May announcement that it had agreed to sell its shares in CRC to Hungary’s MOL Group in a deal that was subject to the preemption right on the part of Unipetrol (OGJ Online, May 7, 2014).

Unipetrol’s buyout follows the company’s overall strategy for 2013-17, released in June 2013, in which the operator said it planned to make the largest capital expenditures to further integrate the refining and petrochemical segments of its business in order to ensure the security of petrochemical feedstock supplies for its operations.

CRC operates Czech Republic’s only two running refineries—in Litvinov and Kralupy—which have a combined crude oil processing capacity of 8.7 million tonnes/year, says Unipetrol.

Related Articles

CNPC, Rosneft advance Tianjin refinery project

10/13/2014 China National Petroleum Corp. (CNPC) and OAO Rosneft have signed an agreement for the extension of strategic cooperation on the Tianjin joint vent...

BlueGreen Alliance calls for strong US methane reduction strategy

10/13/2014 The BlueGreen Alliance, a coalition of 10 national labor unions and 5 environmental organizations, urged the Obama administration to adopt a strong...

Petronas purchases share in Shah Deniz for $2.2 billion

10/13/2014

Malaysia’s Petronas has purchased a 15.5% share in the Shah Deniz production-sharing agreement in Azerbaijan from Statoil ASA.

MARKET WATCH: November crude prices buck trend, end week up slightly

10/13/2014 The New York Mercantile Exchange November crude oil contract gained 5¢ on Oct. 10, closing at $85.82/bbl. The December contract, meanwhile, dropped...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected