Gunvor Group, one of the world’s largest independent commodities trading houses, has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft. Gunvor, 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 Novorossiysk terminal, Gunvor has now completed a series of planned divestments, which included 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 move to rebalance its asset portfolio to better 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, The Netherlands, and more investments are planned.