PARIS: Dubai-based NetOil, led by Middle Eastern businessman Roger Tamraz, has submitted a new offer to take over France’s oldest refinery, unveiling a last minute deal with British oil major BP and Hyundai.
Last month, the commercial court in Rouen rejected two bids, including NetOil’s, to buy the Petit-Couronne refinery of insolvent Swiss firm Petroplus, threatening to send it into liquidation unless a new offer was submitted by November 5.
Roger Tamraz said that NetOil had improved its offer, which had been criticised by the court for not providing enough details on financial and technical aspects. “BP is interested to supply crude, 120,000 barrels per day for a three-year period, that gives us a certain stability in terms of supply,” Tamraz said.
“As for Hyundai, they’re interested in the upgrading of the refinery, which is very important to increase our refining margins. With two names like that, I don’t see why they should hesitate now,” he said.
Potential buyers had until 1600 GMT on Monday to submit offers, but Petroplus judicial administrators said they would consider their merits yesterday, when a possible new deadline could be announced.
Industry Minister Arnaud Montebourg said earlier on Monday the government did not support the liquidation of the refinery and asked the court to delay its decision because it had received a non-binding letter of interest from Libya’s sovereign wealth fund.
“We don’t want the liquidation of this refinery,” Montebourg told RTL radio. “I’m going to ask the commercial court today to delay its judgment, to take the time necessary to allow our Libyan friends to invest in this refinery.”
Reuters
