Aramco Overseas Company B.V. (AOC), a subsidiary of Saudi Aramco, has entered into an arrangement to buy Gunvor Groupâ€™s stake in the Maasvlakte Olie Terminal (MOT) in Rotterdam, the Netherlands.
Gunvor is one of the largest physical commodities trading houses in the world. The sale is targeted for completion by the end of October. The agreed terms have not been disclosed.
Gunvor acquired its stake in MOT through its acquisition of Gunvor Petroleum Rotterdam in 2016, and the divestment of MOT is part of Gunvorâ€™s strategy to further develop its Rotterdam refining operations.
AOCâ€™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 Aramcoâ€™s export activities in Europe, strengthen the companyâ€™s supply chain and enhance its customer services in the region.
About Gunvor Group
Gunvor Group is one of the worldâ€™s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructureâ€”refineries, pipelines, storage, terminals, mining and upstreamâ€”Gunvor further generates sustainable value across the global supply chain for its customers.Â