- The stake was valued at USD 600 million.
- LUKOIL replaces Dow Chemical as Total’s partner.
- Zeeland refinery has a topping capacity of 158,000 barrels per day.
- The refinery can process Urals blend crude oil, straight-run fuel oil, and vacuum gasoil.
Transaction Details
The value of the 45% stake, excluding crude oil and products inventory, was USD 600 million, as agreed between LUKOIL and Total last June. LUKOIL will replace Dow Chemical as Total’s partner in the Zeeland refinery.
Operational Structure
The shareholders will continue to operate the refinery on a processing basis, providing crude oil and other feedstocks and receiving back refined products based on their ownership share.
Strategic Location
Zeeland refinery is located in the Vlissingen Oost harbour area in the southwestern Netherlands, within the Amsterdam-Rotterdam-Antwerp trading hub. It benefits from access to established infrastructure, including a 22% share in the Maasvlakte Olie Terminal.
Refining Capabilities
The refinery has a topping capacity of 158,000 barrels per day and a hydro-cracking unit with a capacity of approximately 68,000 barrels per day. With a Nelson complexity of 9.8, it is among the most sophisticated European refining assets.
Integration and Synergies
The refinery can process Urals blend crude oil, straight-run fuel oil, and vacuum gasoil, allowing LUKOIL to integrate the plant into its production chain. The location will enable LUKOIL to reinforce its trading positions in North Western Europe and realize significant synergies.
