Dubai commodity trading firm GP Global, which owns bunkering terminals at Hamriyah and Fujairah, UAE, has said it will not sell any of its assets as part of its financial restructuring.

The Fujairah facility has 412,000 m3, around 2.6 million bbl of storage, while the Hamriyah site has 204,000 m3 of storage. GP Global also has a 7,600 bpd refinery in Sharjah, and has operations in oil steel, minerals and agricultural trading, lubricants and bitumen.

GP Global was forced into restructuring after some lenders failed to back it. It is one of the biggest marine fuel suppliers in Fujairah.

The firm has not held and does not plan to hold discussions on asset sales. It will instead make redundancies in lesser performing areas of the business and hold talks with banks and creditors. It hopes to have made progress by the beginning of September 2020.

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31st August 2020