Montfort Group, a global commodity trading company with a diverse portfolio of assets and services in shipping, retail and oil sectors, has partnered with the Private Office of Sheikh Ahmed Dalmook Al Maktoum to acquire the entire UAE-based crude oil processing and marine fuel trading business of German energy group Uniper.
The Uniper Energy DMCC is a market leader in the production and supply of IMO 2020 compliant low-sulphur fuel oils to the Fujairah market – one of the largest and most rapidly growing bunker fuel markets in the world.
The business operates a 65,000 barrels/day crude processing facility in the Port of Fujairah, selling over 30 million barrels of low-sulphur fuel oil to the shipping industry each year.
In February this year, Reuters had reported that Uniper had agreed to sell its UAE oil refinery to the Montfort consortium for an undisclosed sum as part of one of several conditions Uniper had to comply with in exchange for EU approval of a over 50 billion euros government bailout.
The sales transaction for the Uniper Energy DMCC was successfully completed today (May 31) following the fulfillment of conditions precedent and the receipt of regulatory approvals, said a statement from Montfort.
Following the takeover, the Uniper business will be named Fort Energy Refining Middle East DMCC, it added.
On the strategic move, the Private Office and Montfort, said the Uniper business was a flagship asset that would bring additional expertise and resources to benefit the local production and sale of marine fuels.
An international energy company, Uniper has activities in more than 40 countries and around 7,000-strong workforce. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio.
"This investment demonstrates our long-term commitment to this sector," stated the duo.
Montfort is a global commodity trading and related-asset investment company with a diverse portfolio of assets and innovative services in trading, shipping, retail, upstream, and downstream. It has offices in 10 countries across Europe, Africa, the Middle East, and Asia.
The Private Office has a portfolio of privately and publicly held group companies that focus on energy (conventional and renewable), infrastructure, LNG, oil and commodity trading, healthcare, and agriculture sectors.-TradeArabia News Service