EMEA News
Sonatrach to Buy Augusta Refinery
Thursday May 10, 2018
Algeria's state-owned oil company Sonatrach is to buy the 175,000 barrels a day Augusta refinery in Sicily.
The plant, which is owned by Exxonmobil, will see three fuel storage terminals and related pipelines change hands in Augusta, Palermo and Naples, according to Reuters.
A local bunker player saw the sale as a beneficial development in that it could likely furnish competitive advantage on the supply of product.
Sonatrach should also benefit from the sale of the Augusta refinery which is located on Sicily's southern coastline. The deal will provide an outlet for its crude oil while, at the same time, cutting its bill for importing refined products into the country.
