<p>As a result of the deal, BP will acquire Chevron's 31% minority shareholding in the Netherlands Refining Company (Nerefco), Chevron's stake in the jointly owned wind farm located at the refinery and its shareholdings in the nearby TEAM crude oil terminal and storage facility, incorporating a number of associated pipelines. <br /><br />On completion of the transaction, which is expected during the first half of the year, subject to the required regulatory approvals, Nerefco Refinery, which is located in Europoort, Rotterdam, will become a 100% BP-owned asset. Nerefco has a crude distillation capacity of 400,000 barrels a day.<br /><br />Nerefco is a large, flexible refinery that is ideally configured to serve the growing demands for clean transport fuels, particularly diesel, throughout Europe, says John Manzoni, chief executive of BP refining and marketing. As sole owners we will be able to simplify the existing operations which were designed to meet the individual requirements of each party.</p>
