As a result of the deal, BP will acquire Chevron’s 31 per cent minority shareholding in the Netherlands Refining Company (Nerefco). BP will also acquire Chevron’s stake in the jointly owned wind farm located at the refinery and their shareholdings in the nearby TEAM crude oil terminal and storage facility.
On completion of the transaction, which is expected during the first half of the year subject to regulatory approvals, Nerefco Refinery, which is located in Europoort, Rotterdam, will become a 100 per cent BP-owned asset.
Nerefco has a crude distillation capacity of 400,000 barrels a day, one of the largest in Europe, and can export products worldwide in addition to serving European markets. The transaction is not expected to have any impact on day to day operations at the refinery or on its employees.