Oil majors Statoil and Shell have swapped their stakes in each other’s European refineries.
Shell has taken over the Norwegian giant’s 10% share in the Pernis refinery in the Netherlands, while Statoil has acquired Shell’s 21% stake in the Mongstad refinery, north of Bergen.
The undisclosed deal means each will take 100% ownership of their respective facilities, coming 13 years after the firms originally agreed co-ownership of the facilities.
“The agreement to have joint ownership in the two refineries made commercial sense when it was entered into, and the agreement has served the two companies well over the years,” said Statoil vice president Arne Singe Nylund.
“However, both companies have now concluded that joint ownership no longer gives added value and that it is best to make a clean break.”
Earlier this week the stakeholders in the Johan Sverdrup North Sea findagreed to use Mongstad to process oil from the field once it enters production.
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