The European Commission has approved regulatory clearance for Gunvor Group Ltd’s acquisition of the assets of Petroplus’ refinery in Ingolstadt and related German marketing activities. The clearance marks a key milestone for Gunvor in the closing process.
Gunvor’s purchase of the refinery, which remains subject to additional customary closing conditions and regulatory clearance from competition authorities, is a part of the company’s long-term growth and diversification strategy.
The Ingolstadt refinery is one of the best performing European refineries, with a strong regional footprint in one of Germany’s most prosperous regions, Bavaria. It has a processing capacity of approximately 100,000 barrels per day. Gunvor is familiar with and trades the crude oils processed by the Ingolstadt refinery, which will enable greater efficiency for the plant.
As one of the world’s largest independent commodities trader, Gunvor is a market leader in trade, transportation, storage and optimization of crude oil, petroleum products and other energy products.
The closing of the transaction is expected in the third quarter of 2012, with the support from the local and German state authorities.