The European Commission on Monday approved regulatory clearance for Gunvor Group’s acquisition of the assets of the Petroplus refinery in Ingolstadt and related German marketing activities.

The clearance marks a key milestone for commodities trader Gunvor in the closing process, the company said.

Gunvor said its purchase of the refinery, which remains subject to additional customary closing conditions and regulatory clearance from competition authorities, is a part of the company's long-term growth and diversification strategy.

The 100,000 bpd Ingolstadt refinery is one of the best-performing European refineries, according to Gunvor, with a strong regional footprint in Germany’s Bavaria region.

Gunvor is familiar with and trades the crude oils processed by the Ingolstadt refinery, it said, enabling greater efficiencies for the plant.

The closing of the sale is expected in the 2012 third quarter, the company said, with support from local and German state authorities.