Esso Italiana has signed an agreement to sell a refinery, three fuel terminals and associated pipelines to Sonatrach.
The agreement comprises the Augusta refinery, three terminals in Augusta, Palermo and Naples to the Algerian state oil company.
Esso Italiana and ExxonMobil will enter into multi-year commercial and technology agreements with Sonatrach for refinery products, including Group I base stocks and waxes, as well as the operation, improvement and use of the three terminals.
Base stocks and waxes from Augusta will continue to be marketed by ExxonMobil at current specifications. The sale is expected to close by the end of 2018.
Julia Ruessmann, sales manager, EAME basestocks & specialities, says: 'We will continue to provide a reliable supply of Group I base stocks, globally and in EAME including the ExxonMobile AP/E Core slate manufactured in Augusta.
'With this agreement and a robust manufacturing network around the world producing Group I CORE, we will remain the largest global marketer of high-quality Group I base stocks.'
Growing Contanda's storage footprint in HoustonPetrochemical production fuels a bright storage future Oil market eyes November Iran sanctions hiatus A new name in Cushing Unleashing the potential of American energy Storage for the US's largest refining market Expanding the US global market share Trade war questions temper US midstream sector growth plans Safe & productive solutions for tank cleaning Ground improvement plays supporting role for storage tanks