Lukoil Holdings (LKOH.RS) has completed the acquisition of a 45% stake in a Dutch oil refinery from France's Total SA (TOT) for $600 million, Lukoil, Russia's largest independent oil producer, said Tuesday, RIA Novosti news agency reports.
"The value of the stake [in Total Raffinaderij Nederland], excluding crude oil and products inventory, was $600 million, in line with an agreement reached between Lukoil and Total last June," the Russian company said in a statement.
TRN is in the East Flushing harbor area in the southwestern Netherlands, one of world's largest oil and oil-product trading hubs [Amsterdam-Rotterdam-Antwerp], and benefits from access to well-established infrastructure, including the Maasvlakte Olie terminal, in which TRN owns a 22% share, the statement said.
The plant has a capacity of 158,000 barrels a day and a hydro-cracking unit, one of the biggest in Europe, with a capacity of about 68,000 barrels a day, the statement said.
The refinery is capable of processing Russia's Urals blend crude oil as well as significant volumes of straight-run fuel oil and vacuum gasoil, which will allow Lukoil to integrate the plant into its production chain.
The company will also be able to use TRN to supply and further develop its retail presence in Western Europe, the statement said.