Kuwait's KPI completes sale of Rotterdam refinery to Gunvor

Kuwait Petroleum International says Swiss trading house will continue to operate refining operations
By Reuters
Mon 01 Feb 2016 08:29 PM

Kuwait Petroleum International (KPI) said on Monday it had completed the sale of KP Europoort refinery in Rotterdam to trading house Gunvor, Kuwait state news agency KUNA said.

KUNA cited KPI as saying that Gunvor would continue operating the refining operations at the refinery while KPI would maintain the research centre in Rotterdam.

KPI said the sale came after the firm carried out a strategic assessment of the refinery, adding that it would continue investments in Europe, specifically in storage plants.

The value of the deal was not disclosed.

Swiss-based trading house Gunvor said in October it had closed in on the purchase of its third European refinery, saying negotiations to buy the Dutch plant from Kuwait Petroleum International (KPI) were in their final stage.

The move to buy a third refinery marks a major turnaround for the Swiss trading house since its deep links with Moscow nearly brought it to a collapse over 18 months ago.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.