GP Global Sells Fujairah Bunkering Terminal for $124 Million
07.25.2022 By Ricardo Perez - NEWS

July 25, 2022 [Ship & Bunker] – 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.

Pro Trial: Access 10,390 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

Woodfield Systems to Invest $100 Mn for Manufacturing in India
03.01.2024 - NEWS
March 1, 2024 [Business Line]- The company currently has two plants in Maharashtra and has a thir... Read More
ExxonMobil, Shell to Work with Singapore on Carbon Capture and Storage Project
03.01.2024 - NEWS
March 1, 2024 [Investing]- Global energy majors Exxon Mobil and Shell will work with Singapore to... Read More
Chevron Announces its First Solar-to-Hydrogen Production Project in California’s Central Valley
03.01.2024 - NEWS
March 1, 2024 [Chevron]- Chevron New Energies, a division of Chevron U.S.A. Inc., announced it is... Read More
Sempra Targets Cameron LNG Expansion FID in H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG exporter Sempra Infrastructure, a unit of Sempra, expects t... Read More