Oil trading and logistics company Gunvor Group announced
Friday that it reached an agreement to buy the
107,500 bpd refinery that insolvent Swiss oil
refiner Petroplus had shut down in Antwerp, Belgium.
Gunvor said in a statement that it expects the deal to close
in six to eight weeks. Financial details were not
We are delighted to have won the bid for what will be
a significant asset for the group as we look to expand our
trading activities in the Amsterdam-Rotterdam- Antwerp
region, said CEO Torbjorn Tornqvist.
Gunvor said it will retain all current workers and plans to
operate the refinery on a long-term
basis. It plans to restart the refinery immediately after
the deal closes in late April.
Petroplus began shutting down the Antwerp refinery in late December amid
mounting credit woes.
The Antwerp site also has a storage capacity of more than
1.2 million cubic meters, Gunvor said.