Gunvor is selling its stake in the Maasvlakte Olie Terminal in Rotterdam to a subsidiary of Saudi Aramco.
Gunvor, one of the largest international trading houses, acquired its stake in the terminal through its acquisition of Gunvor Petroleum Rotterdam in 2016. The sale to Aramco Overseas Company (AOC) is part of Gunvor's strategy to further develop its Rotterdam refining operations.
The sale is due to be completed by the end of October.
AOC's investment in the terminal, which is one of the largest oil facilities in the world, will add to its current participation in other facilities in the same area, allowing for expanded offerings in the North West Europe refining hub.
It will complement Saudi Aramco's export activities in Europe, strengthen the company's supply chain and enhance its customer services in the region.
The facility is a joint venture between a consortium including ExxonMobil, BP, Shell and Vopak.
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