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Rubis to acquire add'l stake in French Caribbean refinery

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Rubis to acquire add'l stake in French Caribbean refinery

Unread post by bimjim » Wed Sep 24, 2014

[quote][/quote]http://refiningandpetrochemicals.energy ... 14-4382573

Rubis to acquire additional stake in French Caribbean refinery
EBR Staff Writer
23 September 2014

Rubis has provided irrevocable offer to acquire Total’s 50% share in SARA refinery located in the French Caribbean island of Martinique.

Currently, Rubis owns 35.5% stake in SARA and based on final regulatory approval and third party shareholder preemptive right, Rubis could increase its ownership to between 71% and 85.5%.

The SARA refinery, which is the main refining and fuel logistic asset in the area, supplies oil to the French overseas territories of Martinique and Guiana.

Operating in a government regulated price system, the refinery has daily capacity of 17,000 barrels of oil equivalent.

The acquisition is expected to boost Rubis's position in the French Antilles and Guiana and beyond in the enlarged Caribbean region.

Built in the 1970s, the refinery, which ensures the strategic supply to the French overseas territories, operates under a regulated price system, reports Reuters.

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