By JENNY GROSS
LONDON -- Italy-based API Anonima Petroli Italiana SpA, the refiner and service-station operator also known as Api, will shut its Falconara Marittima refinery from January for a year to revamp its power engine, the company said Monday.
The refinery will restart Dec. 31, 2013, the company said. A trade source close to the matter said it could re-start earlier.
"We will do what we can do to start when the market will be better," said Daniele de Sanctis, a company spokesman.
The company is temporarily stopping its refining operation for both technical and economic reasons, Mr. De Sanctis said.
The refinery, located on the Adriatic coast, has a capacity of 85,000 bpd.
It is connected to the sea through a combination of marine terminals which can accommodate tankers from 1,000 tons to 400,000 tons, according to API.
Dow Jones Newswires