Kuwait Petroleum Refinery appoints HBSC to advice on refinery sale in Rotterdam.

Kuwait Petroleum Refinery, a subsidiary of state run Kuwait Petroleum Corporation, has hired British investment bank HSBC to supervise the sale, said Egbert Schellenberg, Director of FNV.

The source mentions that mainly Russian parties are interested in Kuwait Petroleum Refinery (KPE), reported Tank Terminals.

A spokesperson from KPE did not provide any comments at this moment on the news issue. “We are currently investigating several options for the future of the refinery.”

[tbpspa]

Schellenberg said that the bidding process is now in full swing. The director of FNV also is very concerned about the future of KPE. If there will be no buyer found, around 800 jobs will be at a risk. These are permanent employees, who provide services to KPE. “The social packages in that case should be developed and prepared.”

Oil and gas expert at TNO, Cyril Widdershoven is not surprised that KPE wants to divest the Rotterdam refinery. “The refining market in Europe is under pressure, there is no growth anymore and will not be for the coming years.” Widdershoven considers it very likely that KPE will be taken over by a Russian party. Sources in the energy sector are talking about far-reaching interest from a number of Russian companies.

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