Investment office Klesch has agreed to acquire the Heide refinery, associated chemicals, bitumen and distribution infrastructure as well as related marketing businesses from Shell for an undisclosed purchase price.
The deal, which is subject to regulatory approval, is expected to close before the end of the year.
The Heide refinery employs some 570 staff. As a result of the sale, a limited number of new jobs will be created in the refinery.
The sale is consistent with Shell’s strategy to concentrate investments into larger sites such as Rhineland Refinery and to reduce net refinery capacity by 15 per cent.
“For staff and customers, the sale secures the refinery’s future under new ownership,” says Peter Seifried, managing director of Shell Deutschland Oil.
“We are very impressed with the operating performance of the Heide refinery and with the dedication and passion of Heide workforce and management. This refinery will fit perfectly in our strategy of building an oil and gas platform,” adds A. Gary Klesch, owner and chief executive of Klesch.
Klesch is a family investment office which is based in London and Geneva. Klesch is focused on long term principal investments in industrial and commodities related businesses.
