Sonatrach to Cut Fuel Imports with XM Refinery Buy

Sunday, May 13, 2018

ExxonMobil Corp. has agreed to sell a refinery and three fuel terminals in Italy to Algeria.

Esso Italiana Srl, a unit of the US supermajor in Italy, signed an agreement for the sale of its Augusta refinery in Sicily to Algerian state-owned oil and gas firm Sonatrach.

The sale also includes Esso’s three fuel terminals in August, Palermo, and Naples, as well as the related pipelines.

The deal will help Algeria in its bid to cut fuel imports. The terminals will enable Sonatrach to ship Algerian crude to the Augusta refinery and send oil products back to Algeria after refining.

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