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Oil Trading Giants Are Buying Big Oil's Refineries

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Oil Trading Giants News

Refineries,Divestment,Strategic Realignment

Oil trading companies are using their recent profits to buy refineries being divested by major oil and gas producers.

Having amassed huge profits over the past two years, oil trading giants are on a buying spree to acquire refineries that the biggest international oil and gas producers are divesting as part of strategic portfolio realignment. “The traders see an opportunity to end up with a plant that can run a slew of different crude oils,” Kurt Chapman, a board member of trader Levmet and former head of crude at Mercuria Energy Group, told Bloomberg.

Another major trader, Trafigura, said in April that Rhône Energies, its consortium with Entara LLC, has entered into exclusive negotiations to buy the Fos-sur-Mer refinery and the Toulouse and Villette de Vienne terminals from ExxonMobil’s local unit Esso. “The refinery will continue to be an important contributor to energy security in the region and would benefit from Trafigura’s global trading and logistics network,” said Ben Luckock, Global Head of Oil for Trafigura.

 

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