It has been announced that Kuwait Petroleum International, known products including Q8 Haydn 46, has reached the last stage of negotiations with Swiss Commodity traders Gunvor Group Ltd regarding the sale of the KP Europoort refinery, which is located in Rotterdam, Netherlands.
The deal, which has been in the works for a while now, is set to go ahead providing that it receives all of the necessary regulatory approval and after an important employee consultation process has taken place.
It is believed that, if the sale of this Kuwait Petroleum asset goes ahead, the refinery will be able to continue in line with Gunvor’s strategies of integration and optimization, giving it an excellent chance of being a successful commodity in the future.
Kuwait Petroleum International has taken pains to search for a suitable buyer for the KP Europoort refinery after revaluation its strategy for the asset. Careful criteria for this purchase were drawn up, including stipulations that the refinery’s operations were continued, and that the buyer must be experienced and reliable, as well as financially sound enough to take on the refinery and make it a success.
Gunvor is one of the most successful commodities trading companies globally, with a track record for taking over oil refineries and making a success of them. The company – which owns refineries in Belgium, Ingolstadt, and Antwerp – will use the KP Europoort refinery to enhance its current operations and complement current trading activities on the global stage.