Gunvor Group Ltd

Gunvor Group Ltd

March 03, 2016 09:00 ET

Gunvor Completes Sale of Novorossiysk Terminal

GENEVA, SWITZERLAND--(Marketwired - March 3, 2016) - Gunvor Group, one of the world's largest independent commodities trading houses, has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft. Gunvor, which built the terminal as a greenfield project, owned a 50 percent stake. The terms of the sale were not disclosed.

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.

About Gunvor Group

Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals and bulk materials from where they are sourced and stored to where they are demanded most. 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. More information can be found at www.gunvorgroup.com or @Gunvor.

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