EduBourseActualitésShell announces European refinery share swap with Total

Shell announces European refinery share swap with Total

The Royal Dutch/Shell Group of Companies (Shell) announced today they have signed a Memorandum of Understanding (Memorandum) with Total relating to a share swap between two European refineries in France and Italy.

The Memorandum involves Shell exchanging a 20 per cent interest in its Rome refinery (Raffineria Di Roma, Italy) for Total’s 18 per cent interest in Reichstett Refinery (Compagnie Rhénane de Raffinage, France). The share swap would be subject to approval of the relevant authorities and conditional upon the exercise of pre-emptive rights by other joint venture partners.

Completion of this transaction would result in Shell’s shareholding in Reichstett Refinery increasing to 83 per cent.

The commercial details of this Memorandum are confidential and completion of the transaction is expected in 2005.

Rob Routs, Shell Executive Director Downstream said “The transaction is consistent with our strategy of active portfolio management, which aims to create maximum value for customers and shareholders. This deal would allow us to consolidate our investment in the Reichstett site while continuing to grow the oil products business in Italy having secured supply agreements with Total to continue to meet the demands of our retail and commercial fuels customers,” said Mr. Routs.

Reichstett refinery has a capacity of 4 million metric tons a year and is located near the city of Strasbourg, close to the German border. Shell’s downstream activities in France also include marketing automotive fuel through a network of around 500 service stations, as well as petroleum products, such as lubricants, bitumen, aviation fuel, liquefied petroleum gas (LPG), fuel oil and heating oil.

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
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