 BP made a $22.3bn profit last year |
Oil giant BP is buying the Dutch manufacturing business of its US-based rival Chevron for $900m (�468.5m). BP will take control of Chevron's 31% stake in the 400,000 barrel-per-day Netherlands Refining Company and the US firm's stake in a wind farm.
This will give it total ownership of both businesses. BP is also buying a 22.8% share of a crude oil storage plant, and "associated pipelines".
Chevron said it is focusing on areas where it has strength in the market.
The refinery was "ideally configured to serve the growing demands for clean transport fuels, particularly diesel, throughout Europe," said chief executive of BP refining and marketing John Manzoni.
"As sole owners we will be able to simplify the existing operations, which were designed to meet the individual requirements of each party."
Last year high oil prices drove BP's profits 15% higher to $22.3bn.
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