13 December 2011 19:23 [Source: ICIS news]
LONDON (ICIS)--Shell has agreed to lease its base oil plant and some facilities at its refining site in ?xml:namespace>
Nynas plans to rebuild the Hamburg refining site into a 330,000 tonne/year specialty oils refinery by around mid-2014, it said.
Nynas and its law firm, Clifford Chance, confirmed the deal in separate statements. Officials at Shell’s regional offices in
“The [Hamburg-Harburg] refinery will continue to produce as today but will over the next 24 months be converted into a stand-alone specialty oil refinery,” said Nynas president Staffan Lennstrom.
“A new hydrogen unit and an extensive conversion programme will transform the premises into a world class stand-alone naphthenic specialty products refinery,” Lennstrom said.
Financial terms were not disclosed.
Nynas expects to employ about 220 of Shell's workforce in
The deal is subject to approval by EU competition authorities.
Shell had announced plans to dispose of the 5.5m tonne/year refinery at Hamburg-Harburg back in 2009 as part of its strategy to focus on its larger refineries, such a its facility at Wesseling-Godorf near Cologne, Germany.
After failing to find a buyer for the refinery, Shell said earlier this year it planned to run the refinery until March 2013, sell the base oil assets, and convert the remaining site into a terminal for oil products.
Last year, Shell already sold its 4.5m tonne/year refinery at Heide, near
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