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 ?xml:namespace>
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
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
Rubis already has a chemicals product terminal and other assets at the
Petroplus had acquired the Reichstett refinery in 2007 from Shell.
($1 = €0.74)
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