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Aug 17, 2011 9:07 AM

Hestya Energy BV today announced it has signed an agreement to purchase the Wilhelmshaven, Germany, oil refinery, tank farm and marine terminal from an affiliate of ConocoPhillips. Hestya Energy BV is a private Amsterdam-based company established to acquire and operate businesses within the European midstream energy sector, including the oil refining and storage sectors.

The Wilhelmshaven refinery is located on the German North Sea coast. It has a deep water port and crude oil processing capacity of 260,000 barrels per day, making it one of Europe's leading refineries in terms of scale.

"The Wilhelmshaven refinery and terminal complex offer numerous geographical and logistical advantages, including a deepwater port, and are strategically positioned to capture increasing regional demand for terminal capacity and other downstream opportunities," said Christian B Cleret, CEO of Hestya Energy BV. The transaction is expected to close later this year. Equity for the acquisition is being provided by the Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC, and AtlasInvest, a private investment company with investments spanning oil exploration and production and the midstream and downstream sectors.