07.03.16. Gunvor Group has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft.
The commodities trader, which built the terminal as a greenfield project, owned a 50 percent stake. The terms of the sale were not disclosed.
With the sale of the terminal, Gunvor has now completed a series of planned divestments, including MC Kolmar, the Nevskaya Pipeline Company, and a 74 percent stake in the Ust-Luga oil products terminal.
The divestments come as a part of Gunvor’s move to rebalance its asset portfolio to reflect the company’s global trading activities, which take place in more than 100 countries. Most recently, Gunvor acquired a crude oil refinery in Rotterdam, and more investments are planned.
7th March 2016
