Vermilion Energy Inc. Provides Update on the Grandpuits Refinery

About this update from Vermilion Energy Inc.

[{"type":"text","content":"Vermilion-Grandpuits\n \n \n \n Vermilion Energy Inc. Provides Update on the Grandpuits Refinery\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Sept. 24, 2020\n \n \n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 24, 2020\n \n /CNW/ - Vermilion Energy Inc. (\"Vermilion\", \"We\", \"Our\", \"Us\" or the \"Company\") (TSX: VET) (NYSE: VET) has prepared the following response to the recent news from Total SA (\"Total\") regarding their plans to convert the Grandpuits refinery in\n \n France\n \n to biofuels and bioplastics.\n \n \n \n \n \n \n \n \n \n Earlier today, Total announced plans to convert its Grandpuits refinery into a zero-crude platform for biofuels and bioplastics and will discontinue crude oil refining at the platform in the first quarter of 2021. The Grandpuits refinery has been in operation for over 50 years and currently processes all of our\n \n Paris\n \n Basin oil production, currently estimated at approximately 5,000 bbl/d. We were aware that Total had been evaluating the long-term viability of its Grandpuits refinery for the past several years, and as such we have written provisions in our existing contract to deal with the potential closure of the Grandpuits refinery. As defined in our recently negotiated long-term agreement, Total will take receipt of our crude at one of their other refineries in\n \n France\n \n following the closure of the Grandpuits refinery.\n \n \n In anticipation of the potential closure of the Grandpuits refinery, our\n \n France\n \n business unit has been working on securing other transportation and delivery options to ensure a smooth transition. We estimate this will increase our transportation costs by approximately\n \n $20 million\n \n on an annualized basis, however we will continue to evaluate longer-term marketing options for this crude.\n \n \n Vermilion has been operating in\n \n France\n \n for over 20 years and we remain committed to our\n \n France\n \n business unit which we believe offers significant long-term value potential.\n \n \n \n About Vermilio...

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