German firm Uniper on Thursday (16 February) said it has reached an agreement to sell 100% of the shares in its United Arab Emirates-based crude oil processing and marine fuel trading business (Uniper Energy DMCC) to a consortium of Montfort Group and the Private Office of Sheikh Ahmed Dalmook Al Maktoum.
The parties agreed to not disclose the agreed purchase price and the acquisition is expected to be completed in the coming months, subject to satisfaction of certain conditions precedent.
Uniper Energy DMCC is producing and supplying IMO 2020 compliant low sulphur fuel oils to the Fujairah market – the third largest bunker fuel market in the world. The business comprises the operation of a crude processing facility in the Port of Fujairah, selling over 30 million barrels of low sulphur fuel oil to the shipping industry each year, and a trading office based in Dubai, including a team of around 25 people.
Divestment of this non-strategic participation is part of the remedies Uniper must fulfill under EU state aid law. On December 20th 2022, the EU Commission approved the stabilization package for Uniper under state aid law. As part of the approval, the EU Commission set out a number of structural remedies that Uniper must fulfil. On January 16, Uniper has announced the divestment from its 20% stage in the BBL gas pipeline as a first remedy measure under EU state aid law.
Argus Media previously said Uniper received bids in its tender to sell its subsidiary Uniper Energy.
Global bunker supplier Montfort, a major supplier of bunker-grade high-sulphur fuel oil (HSFO) in Fujairah, was said to have offered the highest bid, according to market sources, with estimates in the $60mn-80mn range.
Montfort’s bid shows the firm wants to expand from being an HSFO supplier to a major VLSFO producer, the main bunker fuel sold in Fujairah.
Manifold Times previously reported Uniper stating the EU Commission (EC) approved the stabilisation package for Uniper under state aid law but under certain conditions including divesting Uniper Energy DMCC.
Related: Argus Media: Uniper concludes Fujairah bunker fuel refinery sale tender
Related: Uniper to divest Middle East bunkering business as condition for stabilisation package
Related: Argus Media: Uniper declares force majeure on Fujairah bunker supply
Photo credit: Uniper
Published: 17 February, 2023
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17 Mar 2023
