A Libyan sovereign investment fund has sent a letter officially expressing interest in taking over a struggling French oil refinery, as a local court is due to decide whether to order the liquidation of the plant.
A Libyan sovereign investment fund has sent a letter officially
expressing interest in taking over a struggling French oil refinery, as a local
court is due to decide whether to order the liquidation of the plant.
"We received at my ministry on Sunday a non-binding letter requesting
details of the case from the Libyan sovereign fund," Industry Minister
Arnaud Montebourg said Monday in an interview with local radio RTL. Mr.
Montebourg publicly asked the tribunal to extend the deadline--which expired
Monday--to allow
Libya
, and
possibly other bidders, more time to file an offer. The court will make a
decision on Tuesday.
An official at the fund in
Libya
confirmed a general interest in the refinery, although it doesn't have access
to all the plant's details.
The French government opposes the closure of the refinery--it would be the
fourth to close in the country since 2009--despite no buyer being found since
its original owner, Swiss-based Petroplus, filed for bankrupcty earlier this
year.
The chances of Libya investing in the French refining industry are slim, said
Geoff Porter, the head of North Africa Risk Consulting Inc.
"I do not think there is political support in Libya to undertake such an
investment decision at this time," said Mr. Porter, who advises companies
on business in the region. "There would be popular criticism were the deal
to be made public because there are so many spending needs domestically that
are not being addressed," he added.
As well as the Libyan fund, privately-held oil company NetOil refiled an offer
that has already been rejected by the court, said Yvon Scornet, a union leader
at the refinery.
Petroplus, which operated five refineries in
Europe
,
filed for insolvency at the beginning of the year. Since then three refineries
have been sold and one has been converted into a fuel terminal. The company ran
out of cash in January after struggling for months with weak demand due to the
economic slowdown in
Europe
and overcapacity amid tighter
credit conditions, high crude prices and competition from
Asia
and
the
Middle East
.
Earlier this year, the government secured the refinery's continued operation by
striking a six-month deal with Royal Dutch Shell PLC (RDSA), due to end in
December.
Tadbir Energy, a unit of one of
Iran
's
largest charitable foundations, the Iman Khomeini Foundation, also remains
interested in buying the refinery after first expressing interest for it in
April, a person familiar with the matter who is based in
Iran
told
Dow Jones Newswires on Monday.
Tadbir Energy "still has an interest" for the refinery and has
"asked [the court] to postpone the decision" on bidders to consider
whether it will submit a new offer, the person said.
Tadbir, which owns refining and fuel marketing operations in
Iran
,
would like to bring its industrial skills to the refiner, the person said.
Lawyers have previously said an Iranian acquisition is legal but could face
problems due to sanctions.
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