Friday 14 December 2018

Saudi Aramco unit buys key stake in Dutch terminal

RIYADH, October 26, 2017

State oil giant Saudi Aramco said one of its subsidaries, Aramco Overseas Company BV has entered into an agreement with top independent commodities trading house Gunvor Group to acquire a major stake in Maasvlakte Olie Terminal (MOT) at Rotterdam, the Netherlands.
The sale is likely to be completed by the end of October, said a statement from the Aramco subsidiary.
Aramco Overseas Company said its strategic investment in MOT will add to its current participation in other facilities in the same area, allowing for expanded offerings in the North West Europe refining hub. 
This will complement Saudi Aramco’s export activities in Europe, strengthen the company’s supply chain and enhance its customer services in the region, it stated.
Saudi Aramco, a world leading integrated energy and chemicals company, said it is driven by a core belief that energy is opportunity. 
From producing approximately one of every eight barrels of the world’s crude oil supply to developing new energy technologies, Saudi Aramco’s global team is dedicated to creating a positive impact said the company in its statement. 
Saudi Aramco is focused on making its resources more sustainable and more useful, promoting long-term economic growth and prosperity around the world, it added.
One of the world's largest physical commodities trading houses based in Switzerland, Gunvor said the divestment of MOT was part of its strategy to further develop its Rotterdam refining operations.
The Swiss group had acquired the MOT stake through its acquisition of Gunvor Petroleum Rotterdam in 2016. 
With strategic investments in industrial infrastructure - refineries, pipelines, storage, terminals, mining and upstream - Gunvor further generates sustainable value across the global supply chain for its customers, it added.-TradeArabia News Service

Tags: Saudi Aramco | Stake |

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