ST. LOUIS — Bunge Loders Croklaan, a business of St. Louis-based Bunge Ltd., has agreed to sell its refinery in Rotterdam, The Netherlands, to Neste Corp. for €258 million ($302 million) in cash, excluding working capital. In order to continue supplying its customers, Bunge Loders Croklaan will lease back the facility from Neste in a phased transition through 2024.
“With a portion of the proceeds from this transaction, Bunge will reinvest in its asset footprint to reach greater operational flexibility and efficiency and provide an enhanced portfolio of multi-oil refined products to its customers,” said Greg Heckman, chief executive officer of Bunge Ltd. "This transaction supports our long-term strategy in value-added oils and oilseeds-based ingredients by enabling us to further enhance our footprint in an innovative and sustainable way.”
Finland-based Neste produces renewable diesel fuel and renewable jet fuel. The company also refines oil products. The refinery in Rotterdam consists of a pretreatment facility, tank farm and jetties. It has a pipeline connection to Neste’s existing biorefinery in Rotterdam.
The two companies expect the transaction to close in the first quarter of 2021, subject to regulatory approvals.