Geneva: Commodities giant Gunvor Group has sold a 74% stake in OJSC ―Ust-Luga Oil‖, the operator of Ust-Luga Oil Products Terminal, for an undisclosed sum to a company controlled by Andrei Bokarev, an investor in coal mining, transportation and industrial processes.
Gunvor will retain a 26% stake and board positions in the company. Management and operational principles will be unchanged.
“Having a strong, independent Russian partner will ensure the export terminal continues to provide fair access for the whole of the Russian oil industry,” said Torbjörn Törnqvist, CEO of Gunvor Group.
Gunvor managed the construction of the Ust-Luga Oil Products Terminal as a wholly-owned greenfield project. The facility, located on the Baltic Sea, has a capacity of more than 30m metric tons per annum and is considered to be the largest rail-to-ship terminal for petroleum products in the world.