Saudi Aramco unit moves to take stake in Rotterdam terminal
Aramco Overseas Company expands its international presence with purchase of stake in Dutch facility
Aramco Overseas Company (AOC) has purchased a 16.7 per cent stake in the Maasvlakte Olie terminal in Rotterdam, Holland, from Gunvor Group as the Saudi Arabian firm ramps up overseas investment.
The Saudi Aramco subsidiary did not disclose the terms, but said the sale was expected to be complete by the end of the month.
The purchase will grant AOC the ability to increase its offerings in the north-west European refining hub. “This will complement Saudi Aramco’s export activities in Europe, strengthen the company’s supply chain and enhance its customer services in the region,” the company said.
Gunvor, an independent commodities trading house, acquired its stake in the terminal through its acquisition of Gunvor Petroleum Rotterdam last year.
The company’s divestment is to further develop its Rotterdam refining operations.
The Maasvlakte Olie is a joint venture with BP, ExxonMobil, Kuwait Petroleum, Shell, Total and Vopak making it one of the world’s largest oil terminals holding 39 tanks of crude oil with a total capacity of 28 million barrels, according to the International Energy Agency.
Making a play for a stake in this terminal in one of the world’s largest hubs, will only add to Saudi Aramco’s attractiveness for its upcoming initial public offering.
Earlier this month, Amin Nasser, the Aramco chief executive, said that the company’s priority was to strengthen ties including in oil and gas services, petrochemicals, renewables and advanced technologies.
Updated: October 26, 2017 07:56 PM