Aramco Overseas Company B.V. (AOC), a subsidiary of Saudi Aramco, has entered into an arrangement to buy Gunvor Group’s stake in the Maasvlakte Olie terminal (MOT) in Rotterdam, the Netherlands.
The sale is targeted for completion by the end of October. The agreed terms have not been disclosed.
AOC’s investment in MOT will add to its current participation in other facilities in the same area, allowing for expanded offerings in the North West Europe refining hub. This will complement Saudi Aramco’s export activities in Europe, strengthen its supply chain and enhance its customer services in the region.
Gunvor acquired its stake in MOT through the acquisition of Gunvor Petroleum Rotterdam in 2016. The divestment of MOT is part of Gunvor’s strategy to further develop its Rotterdam refining operations.
Read the article online at: https://www.tanksterminals.com/storage-tanks/26102017/aramco-overseas-co-acquires-stake-in-terminal/