Shell has decided not to extend the six month processing contract with the Petit-Couronne refinery. The current contract will run out in the middle of this month. Union members believe that if the refinery is not bought before the contract runs out, it will be less attractive to buyers due to restart costs.
Tadbir Energy of Iran is bidding to buy the above refinery, despite current sanctions against the Islamic Republic. The Libyan Investment Authority is still interested in purchasing the refinery.
The board at Gazprom Neft has reviewed the latest developments in its refinery modernisation and upgrade program. The project has so far lasted six years and has enabled the facility to increase its output by 60% to 39 million tpy. The project will be completed by 2020.
Written by Claira Lloyd.
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