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Dow’s Dutch Refinery Stake Goes To Lukoil

12:49 PM MDT | June 26, 2009 | IAN YOUNG WITH ESTHER D’AMICO

Energy company Lukoil (Moscow) says it has agreed to buy Dow Chemical’s 45% stake in Dow and Total’s refinery joint venture at Vlissingen, the Netherlands. The value of the proposed transaction is about $725 million, including inventory, and it is expected to close by year-end, Lukoil says. The jv, Total Raffinaderij Nederland (TRN), is a 55-45 partnership between Total and Dow. re-Energized: Deal creates a new partnership. Total says it decided to exercise its pre-emptive rights over Dow’s stake, and that it received a “binding purchase...

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