Equinor Sells Refining Business in Denmark to Klesch Group
10 June 2021 - 8:18PM
Dow Jones News
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 dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 10, 2021 06:14 ET (10:14 GMT)
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