Sarah Raffoul of global energy and commodity price reporting agency Argus Media on Tuesday (25 August) published an update on UAE-based oil and bunkering firm GP Global’s decision to retain its assets in its current restructuring process:
Dubai-based commodity trading firm GP Global will not sell assets as part of a financial restructuring.
The firm, which is one of the biggest marine fuel suppliers in the Middle East bunkering hub of Fujairah, has been forced into the restructuring after it failed to win backing from some of its lenders, leaving it short of cash.
It said it has not held, nor does it plan to hold, discussions on asset sales. Instead, it said it is focusing on making some redundancies in lesser performing areas of its business and talking with banks and creditors for ways to return to normal operations. The company expects more progress to be made on those efforts by the beginning of next month.
GP Global owns bunkering terminals at Hamriyah and Fujairah, UAE. It has 412,000m³ (2.6mn bl) of storage capacity in Fujairah and 204,000m³ at Hamriyah. It owns a 7,600 b/d refinery in Sharjah that produces naphtha, gasoil and fuel oil and is a major supplier of bitumen to the Indian market. Its other operations include oil trading, lubricants, and steel, minerals and agricultural trading.
Photo credit and source: Argus Media
Published: 27 August, 2020
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