July 14, 2015 [OPIS] - Gunvor Group, a global commodities trading house, said on Monday that it has sold a 74% stake in OJSC "Ust-Luga Oil", the operator of Ust-Luga Oil Products Terminal in the Baltic Sea, to a company controlled by Andrei Bokarev, an investor in coal mining, transportation and industrial processes.
The investment aligns with Bokarev’s expanding Russian logistics portfolio.
Gunvor will retain 26% stake and board positions in the company. Management and operational principles will be unchanged, and the terminal will remain open to serving the entire Russian market.
“Having a strong, independent Russian partner will ensure the export terminal continues to provide fair access for the whole of the Russian oil industry,” said Torbjorn Tornqvist, CEO of Gunvor Group.
Gunvor managed the construction of the Ust-Luga Oil Products Terminal as a wholly owned greenfield project.
The facility, located on the Baltic Sea, has a capacity of more than 30 million metric tons per annum and is considered to be the largest rail-to-ship terminal for petroleum products in the world.
Financial details of the transaction have not been disclosed.
