EMEA News
GP Global Sells Off Bitumen Assets
Monday March 8, 2021
Troubled oil trading firm GP Global has sold off part of its bitumen business as the company undergoes a restructuring, according to price reporting agency Argus Media.
The company has sold its Hamriyah bitumen complex to Dubai-based ARIA Commodities for $10-20 million, Argus reported on Friday, citing market participants.
The company is now trying to sell its 412,000 m3 products storage terminal at Fujairah by April, Argus said.
GP Global announced a restructuring in July shortly before saying it had uncovered fraud by some of its employees in the UAE, but little further detail has since emerged. The firm's bunker business is at a standstill, and most staff have left for jobs elsewhere.
