European downstream update

Italy
Saipem has been awarded a US$ 345 million contract by Pemex, Mexico. The contract is for the construction of clean gasoline units at two of Pemex’s refineries. The units will reduce the sulfur content of gasoline produced at the Salamanca and Tula facilities. Saipem’s bid was reportedly superior to rival bids from Samsung Engineering, ICA and Fluor Corp. Pemex is Mexico’s monopoly supplier of oil products.

Romania
Oltchim will take over Arpechim, the petrochemicals arm of Petrom, Romania’s biggest oil and gas company. Arpechim produces 200 000 tpy of ethylene and 95 000 tpy of propylene as well as being a domestic polymer supplier. Oltchim will purchase the facility and 560 staff for approximately 13 million Euros.

UK
British based BP is in discussions to invest US$ 1.2 billion in a majority stake in Canadian oilsands company Value Creation Inc. However, these talks have not been received well by share holders and environmentalists. Reliance Industries Ltd, India has however made a rival bid of US$ 2 million for the takeover.

Poland
Orlen, Poland is in talks to sell a 25% share of the Mazeikiu refinery, Lithuania. It has been reported that Rosneft company, Russia is interested in making a bid for the refinery share. Orlen are selling part of the refinery as it wishes to improve the financial results of the facility.

Published on 25/02/2010

 
 

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