Statement from Jean Gadbois, General Manager of the Berre Site

abarrelfullabarrelfull wrote on 28 Jan 2013 09:18
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22 February 2012

We remain open to selling the Berre refinery to a qualified buyer. Over the past year we reached out to approximately 85 companies identified by our investment bank to be the most likely to purchase the refinery. Unfortunately, we received no bids.

As a result, operations at the refinery ceased on Jan 4, 2012. The refinery will be mothballed for a period of two years through December 31, 2013 to preserve the opportunity to sell the refinery should a credible purchaser emerge.

We will entertain offers to purchase the refinery while it is mothballed. A qualified buyer would have to demonstrate financial stability, sufficient working capital to operate a refinery of this type, and also have operational experience in running a refinery.

We have yet to receive a letter of intent or a viable offer to purchase the Berre refinery since we announced a sales offering process in May 2011. While we have recently received an inquiry from Klesch, a party that we approached during the sales process last year and which subsequently declined to bid, it is premature to make any comment on that company’s interest in the refinery as no offer has been presented.

Should a qualified buyer present us with a viable offer to purchase the refinery, we will evaluate the proposal. We will not be commenting further on speculation concerning possible buyers of the refinery.


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