Vitol Refining Group B.V. (‘Vitol’) has entered into an agreement with Harvest Energy Trust (‘Harvest’) to sell North Atlantic Refining Limited (‘North Atlantic’) and related business.
‘North Atlantic has been a great success for Vitol over the years since Vitol acquired it in 1994. However, the expansion of the Canadian crude oil markets and the emergence of sophisticated income trusts, such as Harvest, open opportunities for the refinery to a new and exciting chapter,’ said David Fransen, Managing Director, Vitol SA.
‘We will stay connected with North Atlantic and Harvest,’ said Fransen. A key aspect of the agreement has Vitol continuing to supply the crude oil and feedstocks to the refinery and to provide for the marketing of the refined products. The supply and marketing arrangement provides a reliable and economic source of feedstock crudes, and ensures the competitive marketing of the refined products.
Harvest Energy Trust is one of Canada’s largest oil and natural gas royalty trusts, traded on the TSX (HTE.UN) and NYSE (HTE.) For further information visit www.harvestenergy.ca.
Vitol was advised by Deutsche Bank Securities Inc.