Esso Italiana has signed an agreement for the sale of its Augusta refinery, three fuel terminals in Augusta, Palermo and Naples, and associated pipelines, to the Algerian state oil company, Sonatrach.
Esso Italiana and ExxonMobil will enter into multi-year commercial and technology agreements with Sonatrach for refinery products, including Group I base stocks and waxes, as well as the operation, improvement and use of the Augusta, Naples and Palermo terminals.
Base stocks and waxes from Augusta will continue to be marketed by ExxonMobil at the current specifications. A dedicated transition team will ensure continuity of the business and prepare for a successful hand over and continuation of manufacturing of ExxonMobil products.
The sale is expected to close by the end of 2018 and is subject to a number of conditions and applicable legal requirements.
“ExxonMobil is committed to meeting its customer’s evolving needs. We will continue to provide a reliable supply of Group I base stocks, globally and in EAME including the ExxonMobil AP/E CORETM slate manufactured in Augusta,” said Julia Ruessmann, sales manager, EAME Basestocks and Specialties. “With this agreement and a robust manufacturing network around the world producing Group I CORE, we will remain the largest global marketer of high-quality Group I base stocks.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/10052018/esso-italiana-sells-refinery-and-terminal-assets/