Corral Petroleum Holdings AB
We are the largest oil refining company in the Nordic region in terms of capacity. We conduct our business through our wholly owned operating company, Preem, which operates its business through two segments, a Supply and Refining segment and a Marketing and Sales segment.
The Refining segment manufactures end products from the raw materials provided by Supply and Trading to the two refineries in Lysekil and Gothenburg. Read more.
The Marketing and Sales segment operates Preem’s station and bulk operations. This includes a nationwide service network with over 570 service stations for private and commercial traffic and a distribution network for direct sales to corporate clients and distributors via depots.
Our two refineries, Lysekil and Gothenburg, accounts for 80% of the refining capacity in Sweden and 30% of the Nordic refinery capacity. The combined capacity of our refineries is 18 million metric tons of refined products. This provides a total refining capacity of around 345,000 barrels per calendar day, which corresponds to 15 percent of Sweden’s total energy consumption. One third of our refined products are sold to the Swedish market. The remaining two-thirds is exported to other Nordic countries, north western Europe and the United States.
Corral Petroleum Holdings AB adjusted EBITDA for 2017 was SEK 4,188 million, 23% increase from 2016 (3,400) and profit before tax amounted to SEK 2,926 million. The high capacity utilization of the refineries is a contributing factor to this solid performance, which in turn led to higher volumes of products produced and lower environmental impact. Corral annual report 2017 here.
In February 2019 there will be a hydrogen plant at the Gothenburg refinery, key component in renewable fuel production. We will be able to increase our own renewable production to 200,000 cubic meters a year, making it possible to reach 500,000 cubic meters on an annual basis in early 2020. We are also working on projects to add renewable fuel production capacity of up to one million cubic meters by 2022.
We expand our capacity in vacuum gas oil (VGO) at the Lysekil refinery, key raw material in gasoline and diesel production. The investment will make Lysekil self-sufficient in VGO, and we will reduce its heavy fuel oil production, replacing it with high-quality, desulfurized fuels. We will thus also be able to receive and upgrade heavy fractions from other refineries in Europe that do not have our modern refinery systems. The new plant will be completed in 2018 and ready for starting-up during Q1 2019.
In 2017 our capital expenditure amounted to 2,337 million SEK.