Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 02 16T082532Z 2 LYNXMPEJ1F09V RTROPTP 4 GERMANY OMAN LNG - Business Express
FILE PHOTO: The Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang Rattay/File Photo

Uniper sells UAE marine fuels refinery to consortium including Montfort

FRANKFURT/SINGAPORE (Reuters) -German utility Uniper has agreed to sell its oil refinery in the United Arab Emirates to a consortium of Montfort and the private office of Sheikh Ahmed Dalmook Al Maktoum for an undisclosed sum, it said on Thursday.

The sale of Uniper Energy DMCC, Uniper’s local crude oil processing and marine fuel trading business, is one of several conditions Uniper must comply with in exchange for EU approval of a government bailout that could cost more than 50 billion euros ($54 billion).

Sources told Reuters last month that Montfort had emerged as the top bidder for Uniper Energy DMCC, which produces and supplies low-sulphur fuel oils to the Fujairah market, the world’s third-largest bunker fuel market.

The acquisition is expected to be completed in the coming months, subject to regulatory approvals, Montfort said on Thursday.

“We are delighted to enter into a strategic partnership with the Private Office to acquire a leading position in a sector that is central to our trading activity,” Montfort said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Located in Fujairah, the refinery has a 65,000 barrel per day crude processing facility and sells more than 30 million barrels of low-sulphur fuel oil to the shipping industry each year.

“We believe that this flagship asset will bring additional expertise and resources to benefit the local production and sale of marine fuels,” Al Maktoum said.

($1 = 0.9339 euros)

(Reporting by Christoph Steitz and Jeslyn LerhEditing by Rachel More and David Goodman)


Recent Post: