EMEA News
Montfort May Sell Fujairah Refinery to Sinopec: Report
Commodity trading firm Montfort is reportedly considering selling the Fujairah refinery it acquired from Uniper last year to China's Sinopec.
The firm is in discussions to sell all or part of the refining facility to Sinopec's fuel oil arm, news agency Reuters reported on Thursday, citing industry sources.
Montfort completed its acquisition of Uniper Energy DMCC in May 2023. The business, now renamed Fort Energy Refining Middle East DMCC, operates a 65,000 b/d refinery at Fujairah, which produces more than 30 million barrels per year of low-sulfur bunker fuels.
An acquisition of the Fujairah plant by Sinopec would give the Chinese firm a significant presence in the Middle Eastern bunker markets, as well as increasing its footprint in the global fuel oil cargo markets.
Sinopec Fuel Oil (Singapore) was listed as Singapore's third-largest bunker supplier by volume last year, up from 19th place the previous year.
