Unipetrol to finalise acquisition of Česká Rafinérská shares from ENI of Italy
Unipetrol, PKN ORLEN's subsidiary, has obtained final clearance from the Czech Antitrust Office for the acquisition of a 32.445% equity interest in Česká Rafinérská from ENI of Italy. Once the transaction is closed, which is scheduled to take place in Q2 2015, Unipetrol will become the sole shareholder of Česká Rafinérská.
The transaction will ensure greater availability and security of feedstock supplies for Unipetrol's petrochemical production contributing to its further growth. In line with Unipetrol's strategic objectives, by 2017 the largest portion of capital expenditure will have been spent on petrochemical projects, which are the main source of Unipetrol's profit.
“The acquisition of Česká Rafinérská shares is in line with our plan to strengthen Unipetrol's Czech assets. As the sole owner of Česká Rafinérská, Unipetrol will be able to optimally manage its refining and petrochemical assets,” commented Jacek Krawiec, PKN ORLEN CEO and Chairman of the Unipetrol Supervisory Board.
Česká Rafinérská, a.s. operates the refineries in Litvínov and Kralupy, which are the only refining facilities currently in operation in the Czech Republic, with a total throughput capacity of 8.7 million tonnes per annum. Following the acquisition of a 16.335% equity interest in Česká Rafinérská from Shell in early 2014, Unipetrol's share in the company's share capital grew to 67.555%. Thanks to the final clearance for the asset concentration, Unipetrol will become the sole owner of Česká Rafinérská, which will facilitate further improvement in operational management. The acquisition will not only benefit investment projects, but also reduce operating expenses.