Total Sells Its Interest in the Milford Haven Refinery in the United Kingdom
Source: www.gulfoilandgas.com 8/30/2007, Location: Europe
Total has reached an agreement to sell its 70% interest in the Milford Haven refinery in Wales to its partner Murco Petroleum. Upon completion of the transaction, Murco will be the sole owner of the 5.3-million-ton-per-year facility and the sole employer of the refinery workforce. The transaction is expected to be finalized by the end of the year.
The divestment in the Milford Haven refinery will allow Total to concentrate its U.K. refining operations at the wholly-owned Lindsey Oil Refinery. With a capacity of 10 million metric tons, the Lindsey Oil Refinery matches Total’s marketing needs in the U.K. The Group recently embarked on a €300-million capital investment program to meet growing demand for low-sulfur diesel.
The transaction reflects Total’s strategy of upgrading its industrial base and enhancing its performance by adjusting to market trends and assertively managing assets, while meeting increasingly stringent product quality and environmental standards.
