Montfort and the Private Office of Sheikh Ahmed Dalmook Al Maktoum complete acquisition of refinery and trading business in UAE
Montfort Group and the Private Office of Sheikh Ahmed Dalmook Al Maktoum (the Private Office) are pleased to confirm that their acquisition of Uniper’s United Arab Emirates-based crude oil processing and marine fuel trading business (Uniper Energy DMCC) has been completed, following the fulfillment of conditions precedent and the receipt of regulatory approvals.
As previously announced, Uniper Energy DMCC is the market leader in the production and supply of IMO 2020 compliant low-sulphur fuel oils to the Fujairah market – one of the largest and most rapidly growing bunker fuel markets in the world. The business will be named Fort Energy Refining Middle East DMCC. Fort Energy is a wholly-owned subsidiary of Montfort.
The business operates a 65,000 barrels/day crude processing facility in the Port of Fujairah, selling over 30 million barrels of low-sulphur fuel oil to the shipping industry annually.
A joint statement issued from the Private Office and Montfort stated: “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. This investment demonstrates our long-term commitment to this sector.”
Uniper is an international energy company with activities in more than 40 countries. With around 7,000 employees, it makes an important contribution to the security of supply in Europe. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio.
Montfort is a global commodity trading and related-asset investment company with a diverse portfolio of assets and innovative services in trading, shipping, retail, upstream, and downstream. It has offices in 10 countries across Europe, Africa, the Middle East, and Asia.
The Private Office has a portfolio of privately and publicly held group companies that focus on energy (conventional and renewable), infrastructure, LNG, oil and commodity trading, healthcare, and agriculture sectors. Through its strategic investments, the office is well-positioned to foster growth opportunities, technology innovation for its affiliate and partner companies.
Source Montfort