Kuwait Petroleum International (KPI) and Gunvor Group announced on Thursday that they have reached the final stage of negotiations on the sale of the KP Europoort refinery in Rotterdam, The Netherlands.
In a statement to KUNA Thursday, KPI said that the deal is still subject to regulatory approval and an employee consultation process, noting that the sale will allow the refinery to continue in accordance with Gunvor's integration and optimization strategies. The sale would be a result of an intense and careful search for a suitable buyer by KPI, after a reevaluation of its strategy for the KP Europoort refinery, the statement added. Among the most important criteria were continuing with the refinery operations and finding a financially solid, experienced, reliable buyer, it made clear.
Gunvor is one of the world's leading independent commodities trading companies. It has a proven track record of successfully taking over and operating refineries. It wholly owns two refineries; one in Antwerp, Belgium; and another in Ingolstadt, Germany, both acquired in 2012. The intended purchase of the KP Europoort refinery would enhance Gunvor's existing refining operations, while also complementing its global trading activities.