Venezuela's state oil company continues to expand its downstream presence in other countries.
AB Nynas Petroleum, a Swedish specialty refinery held jointly by Petroleos de Venezuela SA and Finland's state owned Neste Oy, will acquire the assets of U.K. refiner Briggs Oil Ltd.
Meantime, Pdvsa subsidiary Citgo Petroleum Corp. acquired a petroleum products terminal in Corpus Christi, Tex., from a unit of Mobil Corp.
Terms of both transactions were not disclosed.
The Mobil sale occurred in May but was not disclosed until late last month.
They are among a series of recent acquisitions under Pdvsa's international downstream expansion program to secure outlets for its crude and products. Among the latest steps, Citgo recently reached an agreement with Lyondell Petrochemical Co. under which the two will jointly own Lyondell's 265,000 b/d Houston refinery (OGJ, June 29, Newsletter). And Citgo acquired an interest in Amoco Corp.'s Savannah, Ga., asphalt refinery.
U.K. DEAL
When the Briggs acquisition is complete, Nynas will be 100% owner of a 10,000 b/d asphalt refinery in Dundee, Scotland, and 50% owner of a 25,000 b/d asphalt refinery in Eastham, England.
A unit of Royal Dutch/Shell Group owns the remaining 50% of the Eastham plant.
The acquisition will give Nynas 25% of the U.K. asphalt market and increase its overall share of the western Europe asphalt market to 17%, making it the region's second biggest asphalt refiner.
The deal also ensures that Pdvsa will be able to continue to place two of its heavy crudes, Pilon and Bachaquero, with the former Briggs refineries.
MOBIL TERMINAL
Mobil Pipe Line Co. will continue to operate an adjoining pump station and its San Antonio pipeline from the Corpus Christi terminal.
The sale stems from Mobil's restructuring of its regional marketing operations, thus ending its need for full use of the terminal in Corpus Christi harbor.
The sale includes dock facilities from which Mobil had formerly handled products.
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