1 April 2007
Western Europe: BP buys 100% of Nerefco
BP HAS stepped in to buy Chevron's 31% interest in the Nerefco refinery at Europoort, near Rotterdam in the Netherlands, giving it 100% ownership. BP said last month that it had agreed to pay about $0.9bn (excluding hydrocarbons and working capital) for the interest, which Chevron put up for sale last summer. Included in the deal are Chevron's 22.8% holding in a nearby crude storage terminal, interests in pipelines and a 31% stake in the windfarm on the refinery site. BP's decision to buy out its partner reverses the firm's previous stance of reducing its exposure to the sector. In February, the company agreed to sell its Coryton, UK, refinery to Petroplus (PE 3/07 p39); in 2005, it sold its
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