Hestya Energy to buy German refinery, related assets from ConocoPhillips
Hestya Energy B.V. has signed an agreement to purchase the Wilhelmshaven oil refinery, tank farm and marine terminal in Germany from an affiliate of ConocoPhillips. Hestya will then restart the refinery, which has been mothballed for about two years.
Hestya Energy B.V. is a private Amsterdam-based company established to acquire and operate businesses within the European midstream energy sector, including the oil refining and storage sectors, it said.
The Wilhelmshaven refinery is located on the German North Sea coast. It has a deep water port and crude oil processing capacity of 260,000 bpd, making it one of Europe's leading refineries in terms of scale.
"The Wilhelmshaven refinery and terminal complex offer numerous geographical and logistical advantages, including a deepwater port, and are strategically positioned to capture increasing regional demand for terminal capacity and other downstream opportunities," said Christian B. Cleret, CEO of Hestya Energy.
The transaction is expected to close later this year, the company said.
The refinery had been mothballed by ConocoPhillips for most of the past two years following a May 2010 fire, which led to poor margins.
Hestya said it would soon restart the refinery, but did not give a specific date.
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