By OGJ editors
HOUSTON, Sept. 25 -- Norsk Hydro ASA, Oslo, has agreed to sell its 25% stake in the 200,000 b/d Scanraff refinery at Lysekil, Sweden, to the Sweden-based Preem Petroleum AB, which already owns 75% of that refinery.
With this 1.4 billion kroner sale, Norsk Hydro is exiting the refining business. The deal is expected to close in the fourth quarter, pending approval from authorities.
The transaction is expected to result in a 600 million kroner net gain for Norsk Hydro, and there will be no tax effect, the company said.
Norsk Hydro said it will meet its refined products needs for its Swedish retail marketing operation through a long-term supply agreement with Preem.
