World News
Gulf Petrochem Looks to Increase its Stake in Lubricant Manufacturer
United Arab Emirates headquartered Gulf Petrochem Group (Gulf Petrochem) today announced in an emailed press release that it has made an open offer to purchase the 26 percent of Sah Petroleums Ltd (Sah Petroleums) shares currently in public hands.
Gulf Petrochem purchased 72.23% of Sah Petroleums in July and is seeking to take the company private through the move, offering INR15.70 ($0.25) per share.
The open offer will be valid from tomorrow October 10 through to October 28, 2014 and is made pursuant to Indian Securities and Exchange Board rules.
"This acquisition fits our strategy to enhance Gulf Petrochem Group's standing as a global conglomerate operating in the oil space," said Sudhir Goyel, Gulf Petrochem's Managing Director of the move to acquire the publicly held shares.
Sah Petroleums is said to be one of the leading lubricant manufacturers in India and operates the IPOL brand in India and abroad.
Gulf Petrochem said the acquisition of the remainder of the company would further bolster the group's offerings, which include Trading & Bunkering and Shipping & Logistics amongst others.
Gulf Petrochem recently appointed Thangapandian Srinivasalu as Executive Director to assist with the group's growth drive.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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