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Petroplus Holdings AG has announced that through a wholly-owned subsidiary, it has entered into an agreement with Eurotank Belgium B.V., a wholly-owned subsidiary of Vitol Tank Terminals International B.V., part of the Vitol Group of companies (Vitol) for the sale of Petroplus Refining Antwerp N.V. and Petroplus Refining Antwerp Bitumen N.V.

The net purchase price, excluding hydrocarbon inventory is expected to be approximately $25 million in cash proceeds and the sale is expected to close in the fourth quarter.

Vitol Tank Terminals and Eurotank Belgium will take over operations at the import, oil storage and refining facilities once the transaction is fully completed.

According to Petroplus, the current net asset value of these facilities is approximately $40 million which will result in a non-cash impairment charge of approximately $15 million in the third quarter of 2009.

Commenting on the sale, Jean-Paul Vettier, Chief Executive Officer of Petroplus, said “This sale will further allow the company to focus on our core refining business and results in a reduction in Petroplus’s sustaining capital expenditure of $55 million over the next four years. During the transition process, the company will continue to safely operate the facility and we are committed to a smooth transition with consideration for the welfare of all employees and with our strategic partners on the site. ”

The conclusion of the sale is subject to, amongst other things, regulatory approvals, Petroplus said.

Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates seven refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom, the Ingolstadt Refinery in Ingolstadt, Germany, the Belgium Refining Corporation Refinery in Antwerp, Belgium, the Petit Couronne Refinery in Petit Couronne, France, the Cressier Refinery in the canton of Neuchâtel, Switzerland, the Reichstett Refinery near Strasbourg, France and the Teesside Refinery in Teesside, United Kingdom.

The refineries have a combined throughput capacity of approximately 864,000 barrels per day.