March 4, 2016 [OPIS] - Gunvor Group, one of the world's largest independent commodities trading houses, said on Thursday that it has completed the sale of the Novorossiysk Fuel Oil Terminal in Russia to a subsidiary of OJSC Transneft.
Gunvor, which built the 5-million-ton (33.5-million-bbl) capacity terminal as a greenfield project, owned a 50% stake. The terms of the sale were not disclosed.
This terminal offers bunker supplies in the Black Sea region.
OPIS reported in April 2015 that the Novorossiysk Fuel Oil Terminal handled crude oil, gasoil, fuel oil and vacuum gasoil, some of which were exported on the account of Litasco and Trafigura.
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.
