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/