Gunvor completes sale of Novorossiysk Terminal
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
Gunvor Group has announced it has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft. Gunvor built the terminal as a greenfield project. The company owned a 50% stake.
Gunvor has now completed a series of planned divestments, including MC Kolmar, the Nevskaya Pipeline Company, and a 74% stake in the Ust-Luga Oil Products Terminal.
These divestments come as a part of Gunvor's plan to rebalance its asset portfolio to reflect the company's global trading activities. Recently, Gunvor acquired a crude oil refinery in Rotterdam, The Netherlands. More investments are planned.
The terms of the sale were not disclosed.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/07032016/novorossiysk-terminal-sale-completed-547/
You might also like
Hydrocarbon Engineering Podcast
Susan Bell, Senior Vice President within Commodity Markets – Oil, Rystad Energy, discusses the impact of trade wars on global oil demand and oil prices, in light of President Trump’s ‘Liberation Day’ tariffs.
EU shifts on climate targets in the face of industry reality
The EU’s shift on climate targets has come to echo the reality of the industry, according to an Aggreko report.
