Hestya Energy to Purchase Wilhelmshaven Refinery, Tank Farm and Marine Terminal

abarrelfullabarrelfull wrote on 11 Aug 2011 05:40
Tags: conoco germany refinery

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Hestya Energy B.V. today announced it has signed an agreement to purchase the Wilhelmshaven oil refinery, tank farm and marine terminal from an affiliate of ConocoPhillips. Hestya Energy B.V. is a private Amsterdam-based company established to acquire and operate businesses within the European midstream energy sector, including the oil refining and storage sectors.

The Wilhelmshaven refinery is located on the German North Sea coast. It has a deep water port and crude oil processing capacity of 260,000 barrels per day, making it one of Europe’s leading refineries in terms of scale.

"The Wilhelmshaven refinery and terminal complex offer numerous geographical and logistical advantages, including a deepwater port, and is strategically positioned to capture increasing regional demand for terminal capacity and other downstream opportunities” said Christian B. Cleret, CEO of Hestya Energy B.V.

The transaction is expected to close later this year. Equity for the acquisition is being provided by the Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC, and AtlasInvest, a private investment company with investments spanning oil exploration and production, the midstream and downstream sectors.

About Hestya Energy B.V.
Hestya Energy, headquartered in Amsterdam, The Netherlands, is a private company focused on the European midstream oil sector. The company is building a portfolio of high quality, strategic assets through the acquisition of existing facilities and investment in green-field developments. Hestya Energy will operate at the highest level of industry standards in a safe and environmentally responsible manner, by leveraging the experience and ability of its management team and employees. The company will aim to meet and exceed customer expectations by providing customers with flexible, cost effective midstream solutions for their existing operations and future business opportunities.
The management team consists of seasoned industry professionals with expertise in a wide range of midstream operations, led by Christian B. Cleret, a 30 year veteran in the sector.

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