EMEA News
GP Global Sells Fujairah Bunkering Terminal for $124 Million
Oil trading firm GP Global, which is being restructured following a financial upheaval in 2020, has sold its Fujairah bunkering terminal for $124 million.
Restructuring company FTI Consulting, now running GP during its restructuring process, sold the terminal to Mount Row for $124 million at the end of May, a source familiar with the transaction told Ship & Bunker.
A representative of GP Global's shareholders declined to comment on the deal. FTI Consulting declined to comment beyond confirming the terms of the deal. A Mount Row representative did not respond to a request for comment.
The proceeds from the sale have already been distributed to GP's direct creditors in Fujairah, principal among which is a group of eight banks led by UAE-based Emirates NBD, and a later distribution will be made to holding company creditors.
The Fujairah terminal has 412,000 m3 of storage capacity, with 17 product tanks and two utility tanks, and can handle fuel oil, gasoil and cutter stock. The terminal was historically handling as much as 7.4 million mt/year of refined product deliveries, of which a large share was marine fuels.
Funds for the purchase of the terminal are understood to be ultimately owned by Delaware Life Insurance in the US. Delaware Life did not respond to a request for comment.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
To contact the editor responsible for this story email us at editor@shipandbunker.com
