Petroplus International B.V. and ExxonMobil today
announced that Petroplus intends to acquire one of ExxonMobil Central
Europe Holding's businesses. The purchase agreement covers the
Ingolstadt Refinery, the Bavarian Industrial and Wholesale business
and Esso Bayern, which primarily runs the direct home-heating oil
business. Subject to the review and approval from antitrust
authorities, the transaction is expected to close early 2007.
Commenting on the potential acquisition, Mr. Thomas D. O'Malley,
Chairman and Chief Executive Officer of Petroplus, remarked, "We are
excited about acquiring the Ingolstadt refinery, Esso Bayern and the
Industrial and Wholesale marketing business in Germany. ExxonMobil has
formed a professional and high-quality refinery management and
operational team and we look forward to welcoming them into the
Petroplus organization. We plan to continue the excellent track record
of reliable and environmentally safe operations of the refinery
established by ExxonMobil." Mr. O'Malley continued, "Furthermore, the
acquisition of the Bavarian Industrial and Wholesale business and Esso
Bayern will grant Petroplus entry into a high demand market in
Southern Germany and the surrounding regions."
Until the transaction is completed, ExxonMobil will continue to
operate the Ingolstadt refinery and the associated Industrial and
Wholesale marketing activities. Under the terms of the agreement
Petroplus will enter into a supply agreement with ExxonMobil to supply
the Esso retail chain in Bavaria.
Karyn F. Ovelmen, Chief Financial Officer of Petroplus, stated,
"The acquisition of the Ingolstadt Refinery aligns with our management
team's goal of acquiring quality assets that are immediately accretive
to the earnings and cash flows of our company. The acquisition of the
110,000 barrel per day Ingolstadt Refinery will be a very meaningful
addition to our existing asset base, resulting in a 30 percent
increase to our current refining capacity."
Mr. O'Malley concluded, "We are committed to working with our
ExxonMobil counterparts to ensure that we provide a safe and stable
transition period for the refinery, our new marketing assets and all
of their employees. We look forward to a successful transaction."
Petroplus International B. V. is the largest independent oil
refiner and petroleum product wholesaler in Northwest Europe.
Petroplus owns refineries in Belgium, Switzerland and the United
Kingdom with a combined refining capacity of 355,000 barrels per day.
