Gunvor Group (“Gunvor”), one of the largest physical commodities trading houses in the world, has entered into an arrangement to sell its stake in the Maasvlakte Olie Terminal (“MOT”) in Rotterdam, the Netherlands to Aramco Overseas Company B.V. (“AOC”), a subsidiary of Saudi Aramco. The sale is targeted for completion by the end of October. The agreed terms have not been disclosed.
Gunvor acquired its stake in MOT through its acquisition of Gunvor Petroleum Rotterdam in 2016, and the divestment of MOT is part of Gunvor’s strategy to further develop its Rotterdam refining operations.
AOC’s investment in MOT will add to its current participation in other facilities in the same area, allowing for expanded offerings in the North West Europe refining hub. This will complement Saudi Aramco’s export activities in Europe, strengthen the company’s supply chain and enhance its customer services in the region.
About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.GunvorGroup.com or @Gunvor.
About Saudi Aramco
Saudi Aramco is a world leading integrated energy and chemicals company, driven by a core belief that energy is opportunity. From producing approximately one of every eight barrels of the world’s crude oil supply to developing new energy technologies, Saudi Aramco’s global team is dedicated to creating a positive impact. Saudi Aramco is focused on making its resources more sustainable and more useful, promoting long-term economic growth and prosperity around the world. More information can be found at www.saudiaramco.com.