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MOL to shut down refinery in Italy

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Hungarian oil and gas company MOL on Friday said it is shutting down its refinery in Mantova, Italy, and converting it into a logistics hub. “The Mantova refinery used for crude oil supply in the past will be used for the supply of end-products in the future,” read the company’s statement in part.

MOL said the conversion of the refinery into a logistics hub was expected to have a “significant” non-cash one-off effect on third quarter consolidated earnings. The refinery became MOL’s in 2007, when it acquired Italian refining and marketing company IES.

The total fixed asset value of IES Refining and Marketing on MOL’s books came to €423 million at the end of June, MOL said.

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