Rubis In Exclusive Talks To Purchase Total Holding In French Antilles Refinery (SARA)

abarrelfullabarrelfull wrote on 30 Sep 2014 10:51
Tags: refinery rubis s-america total

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Rubis has remitted to Total an irrevocable offer to purchase its 50% holding in SARA, a refinery based in Martinique supplying the French Antilles and Guiana.

Depending on final regulatory approval and third party shareholder preemptive right, Rubis, already a 35.5% shareholder in SARA, could ultimately increase its ownership to between 71% and 85.5%.

SARA which operates in a Government regulated price system remains the main refining and fuel logistic asset in this geographical area, where Rubis is already present in fuels supply including LPG, jetfuel, bitumens and lubricants.

This acquisition should build up Rubis' position in both the French Antilles and Guiana and beyond in the enlarged Caribbean region where Rubis is already active.

In continuity, Rubis is committed to invest in this performing industrial asset and maintain high requirements in term of excellence and know how.

This investment is subject to regulatory approval from employees' council and the competition Authority.

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