Lukoil acquires 45-per cent stake in TRN; Dow divests refinery stake for $800 million
02 Sep 2009
Following regulatory approval from the European Commission in August, Russia's largest oil company, state-owned Lukoil Oil Company today announced it had acquired a 45-per cent stake in the Netherlands-based refiner Total Raffinaderij Nederland N.V. (TRN) from French oil giant Total SA.
Both Lukoil and Total are vertically integrated oil and gas companies and TRN is a crude oil refinery located in the Zeeland region of The Netherlands on the river Scheldt.
In June, Lukoil and Total signed a stake-sale agreement under which the Russian oil company would acquire the 45-per cent stake in TRN from Total for approximately $725 million, including inventory.
The transaction is expected to close before the end of 2009.
Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to Lukoil. Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Total.
Yesterday, diversified chemical company Dow Chemical announced having completed the sale of its stake in (TRN) to Total SA for an enterprise value of approximately $800 million, including inventory.
The stake sale had received regulatory approvals last month.