Gunvor Group Ltd

Gunvor Group Ltd

October 08, 2015 09:00 ET

Kuwait Petroleum International (KPI) and Gunvor Group (Gunvor) Confirm the Final Stage of Negotiations for the Sale of the KP Europoort Refinery

ROTTERDAM, THE NETHERLANDS--(Marketwired - Oct. 8, 2015) - Kuwait Petroleum International and Gunvor Group have announced today that their respective affiliates have reached the final stage of negotiations on the sale of the KP Europoort refinery in Rotterdam, The Netherlands, subject to regulatory approval and the necessary employee consultation process. The sale would allow the refinery to continue in line with Gunvor's integration and optimization strategies.

The sale would be the result of an intense and careful search for a suitable buyer by KPI, after a reevaluation of its strategy for the KP Europoort refinery. Among the most important criteria were continuing with the refinery operations and finding a financially solid, experienced, reliable buyer.

Gunvor is one of the world's leading independent commodities trading companies. It has a proven track record of successfully taking over and operating refineries. Gunvor wholly owns two refineries; one in Antwerp, Belgium; and another in Ingolstadt, Germany, both acquired in 2012. The intended purchase of the KP Europoort refinery would enhance Gunvor's existing refining operations, while also complementing its global trading activities.

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