KPI completes sale of Rotterdam refinery to Gunvor

Feb 03, 2016 12:00 AM

Kuwait Petroleum International (KPI) announced on Monday it had finalised the sale of the KP Europoort refinery in Rotterdam, The Netherlands, with Gunvor Group, a Geneva-based commodity trading company.

The agreement, though still subject to regulatory approval, will see Gunvor operate and rename the 300,000 barrels per day refinery to Gunvor Petroleum Rotterdam.

The refinery will be integrated into Gunvor's existing European refinery network, which includes refineries in Antwerp, Belgium and Ingolstadt, Germany, both wholly owned by the Group since 2012

"Among the most important criteria [in selecting a suitable buyer] were continuing with the refinery operations and finding a financially solid, experienced, reliable buyer," KPI said in a statement.

"We are pleased to welcome the Rotterdam facility into the Group," said Gia Mai, Gunvor's chief investment officer.

"The Rotterdam refinery will enhance Gunvor's existing refining operations, particularly through synergies with our Antwerp facility, while complementing our global trading activities."

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