Gunvor Group has completed its acquisition of the Kuwait Petroleum Europoort refinery in Rotterdam, The Netherlands, from Kuwait Petroleum International. Kuwait Petroleum and Gunvor Group announced the deal last October, subject to regulatory approvals. The terms of the deal were not disclosed at that time.
The refinery consists of several units for refining crude oil, a gasoline production unit and a lube oil plant, the statement said, adding that it produces a large range of oil products for a wide variety of markets, within and beyond Europe.
“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.”
As part of the transfer, Kuwait Petroleum Europoort will now be named Gunvor Petroleum Rotterdam and 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.
Gunvor Group, a Cyprus-registered company with its main trading office in Geneva, Switzerland, is one of the world’s leading independent commodities trading houses. With the acquisition of the Rotterdam facility, it now has almost 300,000 barrels per day of installed refining capacity.