Gunvor Group has announced it has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft. Gunvor built the terminal as a greenfield project. The company owned a 50% stake.
Gunvor has now completed a series of planned divestments, including 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 plan to rebalance its asset portfolio to reflect the company's global trading activities. Recently, Gunvor acquired a crude oil refinery in Rotterdam, The Netherlands. More investments are planned.
The terms of the sale were not disclosed.
Edited from press release by Angharad Lock
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