The transaction includes the sale of the facility’s associated logistic assets, all related rights as well as all of the related rights and obligation
The Lindsey refinery has an annual production capacity of 5.4 million tonnes. (Credit: SatyaPrem/Pixabay)
French oil major Total has agreed to sell the Lindsey refinery to a UK-based petroleum products company Prax Group.
The financial details of the transaction are not disclosed by the company.
The deal includes the sale of the facility’s associated logistic assets, all related rights as well as all of the related rights and obligation.
The refinery, which is located in Immingham (Lincolnshire) in England, has an annual production capacity of 5.4 million tonnes.
Total Refining and Chemicals president Bernard Pinatel said: “This transaction is in line with our forward-looking strategy for Total’s European refining base, which involves focusing our investments on integrated refining and petrochemical platforms.
“After considering several options for the future of the Lindsey site, Total chose the one that best protects local jobs.”
Once the conditions of the sale have been satisfied, the deal is expected to be concluded by the end of the year.
Total and IOC JV will set up manufacturing units across India
Additionally, the company has announced the formation of a 50:50 joint venture (JV) company with Indian Oil Corp (IOC) to provide bitumen derivatives.
The JV will set up manufacturing units across India and market bitumen derivatives as well as the specialty products for the road construction industry in India.
The specialty products include polymer-modified bitumen, crumb rubber modified bitumen, bitumen emulsions and other specialty products.
Total said that the new entity will also explore the possibilities to cater to other South Asian markets.
IndianOil chairman Shrikant Madhav Vaidya said: “This would cater to B2B customers involved in road infrastructure development, both in the government and private sectors and I am confident that this would start a revolution in road construction activities in the country by providing superior technology products at competitive prices.”
Recently, Total announced securing $14.9bn financing for the $20bn LNG project in northern Mozambique.