Tamoil Sold To Colony Capital For $5.4Bn
The Libyan government on 5 June sold 65% of Tamoil, its international refining and retail company, to Colony Capital for $5.4bn. Libya will retain a 35% share of the company which owns refineries in Europe (Italy, Germany and Switzerland) with a combined capacity of around 255,000 b/d, and that process primarily Libyan oil. The company’s retain network includes more than 3,000 service stations that extends throughout Europe and parts of Africa Sahel countries. The agreement includes Libyan-owned Oilinvest Group, which has its headquarters in the Netherlands. Several investors placed bids for Tamoil late last year including Carlyle Group of the UK, Italy’s ERG, Spain’s Repsol and Polish businessman Jan Kulczyk (MEES, 2 October 2006). Libya announced that it was considering the sale of Tamoil in May 2005 (MEES, 5 December 2005, 14 November 2005, 9 May 2005).
