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Equinor sells its Danish refinery to Klesch Group

June 11/2021

MOSCOW (MRC) -- Norway's Equinor has agreed to sell its Danish Kalundborg refinery as well as an oil terminal to Geneva-based Klesch Group for an undisclosed sum, said Reuters.

The companies declined to reveal the value of the deal, which will require approval by Danish authorities. Built in 1961 and acquired by Equinor in 1986, the facility can process 107,000 barrels a day of crude oil and condensate for gasoline, diesel, propane and heating oil, with an annual capacity of 5.5 million tonnes of oil products, Equinor said.

"This transaction supports Equinor's strategy to focus its portfolio around core areas," said Irene Rummelhoff, head of the Norwegian firm's Marketing, Midstream and Processing unit. Equinor will now concentrate its refining business at Norway's Mongstad, she added.

Klesch, which is involved in the production and trading of oil and metals, as well as the trading of financial derivatives, already owns northern Germany's Heide refinery, acquired a decade ago from Shell.

"Given the proximity of our refinery in Germany, I'm sure there will be lots of opportunities for both refineries to work together; especially when it comes to deploying our decarbonisation strategy," Klesch Group Chairman A. Gary Klesch said in a statement.

We also remind that BP and Equinor confirmed they are shutting in production on their platforms, while Chevron, BHP and others said they are evacuating some personnel and considering decisions on production reductions.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
Author:Anna Larionova
Tags:petroleum products, PP, PE, petrochemistry, British petroleum, Equinor, Norway, Russia.
Category:General News
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