The business operates a 65,000 b/d refinery at Fujairah, as well as a bunker trading operation. Image Credit: Montfort
Commodity firm Montfort has completed its acquisition of Uniper's refining and bunker trading unit in the UAE.
The acquisition of Uniper Energy DMCC has now been completed following regulatory approval, Montfort said in a statement on its website on Wednesday. The deal was first announced in January.
The business operates a 65,000 b/d refinery at Fujairah, which produces more than 30 million barrels per year of low-sulfur bunker fuels.
The unit will now be renamed Fort Energy Refining Middle East DMCC, and operate as a wholly-owned subsidiary of Montfort.
"We are pleased to complete this acquisition, a flagship asset that will bring additional expertise and resources to benefit the local production and sale of marine fuels," Montfort said in a joint statement with the Private Office of Sheikh Ahmed Dalmook Al Maktoum.
"This investment demonstrates our long-term commitment to this sector."