By Dominic Chopping
Norwegian oil-and-gas major Equinor ASA said Thursday that it has agreed to sell its refining business in Denmark to industrial commodities group the Klesch Group, as part of a move to focus on core businesses.
Financial details weren’t disclosed, but the agreement covers the Equinor Refining Denmark A/S (ERD) company which includes the Kalundborg refinery and terminal in the northwest of Zealand, the Hedehusene terminal near Copenhagen as well as associated infrastructure and industrial property.
“Equinor will concentrate its refining position around Mongstad, Norway, where the company can leverage its integrated industrial cluster, expand the portfolio of low carbon energy products provided and contribute to Equinor’s efforts in the energy transition,” said Irene Rummelhoff, Equinor’s executive vice president for marketing, midstream and processing.
The Kalundborg refinery can process 107,000 barrels a day of crude oil and condensate for gasoline, diesel, propane and heating oil. Annual production capacity is up to 5.5 million metric tons of oil products.
Upon completion of the transaction, including approval by Danish authorities, all ERD employees will be transferred to the Klesch Group.
Equinor said the sale doesn’t affect its ownership and/or operation of Danske Commodities, headquartered in Aarhus, Denmark.
Write to Dominic Chopping at [email protected]
(END) Dow Jones Newswires
June 10, 2021 06:14 ET (10:14 GMT)
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