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Unipetrol to buy Shell’s 16.3% stake in Ceska Rafinerska refineries

11.11.2013  | 

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 statement.

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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 statement.

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 year.

“The transaction further confirms our main strategic objective to ensure Unipetrol’s 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 company’s 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 Shell’s wider strategy of asset disposals, including the recent offloading of United Kingdom and German refineries.

Eni owns the remaining stake in the refiner. Unipetrol is controlled by PKN Orlen.



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