By LADKA BAUEROVA
PRAGUE (Bloomberg) -- Unipetrol, agreed to
buy the 16.3 % of Ceska Rafinerska held by Royal Dutch Shell as
part of a plan to curb costs. Unipetrol will pay Shell $27.2
million to raise its stake to 67.6 %, the company said in a
Ceska Rafinerska runs refineries in Kralupy and Litvinov
with a combined capacity of 177,000 bpd, Shell said in a
separate statement. The deal will be closed early next
The transaction further confirms our main strategic
objective to ensure Unipetrols long term growth,
CEO Marek Switajewski said in the statement.
It brings Unipetrol the qualified majority of votes in
Ceska Rafinerska with the 67.5 % threshold, allowing
significant improvement in the companys operational
management and bringing operational cost savings.
Shell first offered to sell its stake to the government,
then-Minister of Industry and Trade Martin Kuba said April 16.
The sale is part of Shells wider strategy of asset
disposals, including the recent offloading of United Kingdom
and German refineries.
owns the remaining stake in the refiner. Unipetrol is
controlled by PKN Orlen.