Unipetrol takes 100% ownership of Czech refineries

May 04, 2015 12:00 AM

Unipetrol AS, a subsidiary of Polski Koncern Naftowy SA (PKN Orlen), has completed its purchase of former partner Eni SPA’s interest in Ceska Rafinerska AS (CRC) to become sole owner of the company, which operates two refineries in Czech Republic.

Unipetrol acquired Eni’s nearly 32.5% stake in CRC to become the refining company’s sole shareholder in a transaction that was finalized on Apr. 30, Unipetrol said.

The acquisition price, which was adjusted downward from an originally announced 30 million euros ($40.8 million) in July 2014 following a retained earnings payout by CRS prior to the transaction’s Apr. 30 closing, amounted to 24 million euros ($26.8 million), according to the company.

In a related transaction, Unipetrol also has agreed to purchase crude oil and refined product inventories from Eni for about 3.3 billion Czech koruna ($131.5 million).

A final purchase price for this deal, however, will be based on actual confirmed volumes of inventories and market prices, which are to be determined at the end of second-quarter 2015, Unipetrol said.

Unipetrol’s buyout follows the company’s overall strategy for 2013-17, released in June 2013, in which the operator said it planned to increase capital spending on projects designed to further integrate the refining and petrochemical segments of its business in order to guarantee secure feedstock supplies for its petrochemical operations.

CRC operates Czech Republic’s only two running refineries—in Litvinov and Kralupy—which have a combined crude oil processing capacity of 8.7 million tonnes/year, according to Unipetrol.

With two crude distillation units, four conversion units, and a series of additional installations for further improving the quality of primary distillate products, the refinery in Litvínov – Zaluzi has a total crude processing capacity of 5.4 million tpy, Unipetrol said.

The Kralupy refinery, which includes a fluid catalytic cracking unit, processes about 3.3 million tpy of crude, according to Unipetrol.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.


The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


Upcoming Conferences
« November 2018 »
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30

Register to announce Your Event

View All Events