Bunge sells its refinery in Netherlands for EUR 260 mln

The global oilseed and grain products and ingredients supplier Bunge announced that its Bunge Loders Croklaan had entered into an agreement to sell its refinery located in Rotterdam to Neste Corporation for EUR 258 mln in cash, excluding working capital.

Bunge will lease back the facility from Neste in a phased transition through 2024 so that it can continue to supply its customers with its products, the company informs.

The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals.

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.

"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," said Greg Heckman, Bunge’s Chief Executive Officer.

Previously reported that G3 Global Holdings, a limited partnership between Bunge Canada and SALIC Canada Ltd., commissioned G3 Terminal Vancouver at the Port of Vancouver on Canada’s West Coast.