France’s Rubis to acquire storage assets at Reichstett refining site

31 January 2013 03:01  [Source: ICIS news]

LONDON (ICIS)--French petroleum and chemicals storage firm Rubis has received court approval for its bid to acquire the storage assets of Petroplus’ dormant Reichstett refining site near Strasbourg in eastern France, it said late on Wednesday.

Petroplus ended production at the 85,000 bbl/day refinery in 2011, saying at the time it would seek to sell of the storage assets.

Last year, the Switzerland-based independent European refiner went insolvent and court-appointed administrators sold most of its refineries and other assets.

Rubis said that the transaction would involve the southern part of the Reichstett refining site, the Port aux Petroles terminal in Strasbourg, and pipelines linking the two sites.

Total storage capacity at Reichstett is 500,000 cubic metres (cbm), of which 368,000 cbm would be re-commissioned during the next three years, Rubis said.

Rubis plans to invest some €36.5m ($49.3m) over five year to decontaminate and modernise the site, it said. It did not disclose how much it will pay to acquire the site.

The takeover of the storage assets would secure local supplies around Strasbourg, maintain strategic petroleum stocks in the region, and lead to the re-launch of tanker loading for trucks serving the region, Rubis said.

Rubis already has a chemicals product terminal and other assets at the Port of Strasbourg.

Petroplus had acquired the Reichstett refinery in 2007 from Shell.

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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