Gunvor Group has sold a 74% stake in Ust-Luga oil products terminal to one of the world’s top five oil trading houses.
The company will retain a 26% stake in the terminal located on the Baltic Sea following the sale to Andrei Bokarev, an investor in coal mining, transportation and industrial processes. The investment complements Bokarev’s expanding Russian logistics portfolio.
Management and operations will remain the same and the terminal will remain open to serving the entire Russian market.
Torbjörn Törnqvist, CEO of the Gunvor Group, says: ‘Having a strong, independent Russian partner will ensure the export terminal continues to provide fair access for the whole of the Russian oil industry.’
Gunvor managed the construction of the oil products terminal as a wholly-owned greenfield project. The facility has a capacity of more than 30 million metric tons per annum and is considered to be the largest rail-to-ship terminal for petroleum products globally.
Financial details of the transaction have not been disclosed.