GP Global Sells Fujairah Bunkering Terminal for $124 Million
07.23.2022 By Ricardo Perez - NEWS

July 23, 2022 [Ship & Bunker] – The Fujairah terminal has 412,000 m3 of storage capacity, with 17 product tanks and two utility tanks, and can handle fuel oil, gasoil and cutter stock. Image Credit: GP Global

Oil trading firm GP Global, which is being restructured following a financial upheaval in 2020, has sold its Fujairah bunkering terminal for $124 million.

Restructuring company FTI Consulting, now running GP during its restructuring process, sold the terminal to Mount Row for $124 million at the end of May, a source familiar with the transaction told Ship & Bunker.

A representative of GP Global’s shareholders declined to comment on the deal. FTI Consulting declined to comment beyond confirming the terms of the deal. A Mount Row representative did not respond to a request for comment.

The proceeds from the sale have already been distributed to GP’s direct creditors in Fujairah, principal among which is a group of eight banks led by UAE-based Emirates NBD, and a later distribution will be made to holding company creditors.

The Fujairah terminal has 412,000 m3 of storage capacity, with 17 product tanks and two utility tanks, and can handle fuel oil, gasoil and cutter stock. The terminal was historically handling as much as 7.4 million mt/year of refined product deliveries, of which a large share was marine fuels.

Funds for the purchase of the terminal are understood to be ultimately owned by Delaware Life Insurance in the US. Delaware Life did not respond to a request for comment.

Article republished with permission from Ship & Bunker.

—–

Pro Trial: Access 11,340 Tank Terminal and Production Facilities
10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More