Gunvor sells majority stake in Ust-Luga terminal

Gunvor sells majority stake in Ust-Luga terminal

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts