Asia/Pacific News
Chemoil Sells Joint Venture Interest in Indian Bunker Player Chemoil-Adani
Glencore subsidiary Chemoil Energy Ltd., which joint ventured with Adani Enterprises to supply bunkers to vessels in various Indian ports, has sold its 49 percent interest in the JV to Adani for an undisclosed amount, local media reports.
Chemoil will no longer be associated with the business, and Chemoil-Adani Pte Ltd. will be renamed Adani Bunkering Pvt Ltd., according to a regulatory filing.
A statement released by Chemoil and Adani described the JV as instrumental in growing the business into a major marine fuels supplier in India, however, "Both parties now feel that the time is right to separately pursue their own strategies in this important and rapidly growing market."
Chemoil-Adani supplied bunkers to vessels in Mundra and other ports, including Kandla, Jamnagar, Vadinar, Hazira, Dahej, and Goa.
The statement concluded: "Glencore and the Adani group have a long and successful association in a number of businesses around the world, and will continue to do so where they see shared opportunities."
At one point in the joint venture, Chemoil Adani expanded its geographical reach by supplying marine fuels at a number of ports in Southern Africa, thanks to a special arrangement with local physical suppliers.
