EMEA News
GP Global Hamriyah Storage Terminal Up for Sale
Former commodity trading firm GP Global's Hamriyah terminal in the UAE has come up for sale.
The terminal is currently up for auction in a process managed by Sharjah's judicial authorities, a source familiar with the situation told Ship & Bunker on Wednesday.
The facility has 37 refined products tanks, one slop and two utility tanks, and was appraised at a value of AED 178 million ($48.5 million) in July 2024. Legal questions remain over the valuation and the possibility of land lease transfer.
The terminal was originally auctioned off to PGET in November 2023, but the result of this auction was reversed in February of this year following a legal complaint.
The authorities in Sharjah have now put the terminal up for auction again, with a deadline of September 11 for the process to be completed.
GP Global went into restructuring in July 2020 following financial difficulties, and subsequently announced it had uncovered fraud by some of its employees in the UAE. The firm had been a significant presence in global bunker markets, as well as in other commodity markets.
