Gunvor Group has commenced operations at the former
Petroplus refinery in Ingolstadt, Germany, having completed the
acquisition of the refinery assets and relevant marketing
activities, the commodity trading company said on Monday.
All regulatory and merger control approvals have been
obtained. The official closing date was August 23, and the
first crude vessel has already discharged to supply the
refinery, according to company officials.
The German entities, which will retain all of their more
than 400 employees, will be named Gunvor Raffinerie Ingolstadt
Meanwhile, the refinerys German marketing arm
will be Gunvor Deutschland GmbH. It will continue to serve the
markets in Southern Germany and Upper Austria, thereby
restoring important fuel supply and competition to the
land-locked area, company officials said.
Gunvor is proud to welcome Ingolstadt's workforce to
our growing and diverse family, said Gunvor Group CEO
We intend to build upon the good and enduring customer
relationships, and enlarge our trading activities in Germany
and the Alpine region.
Gunvor said the refinery in Ingolstadt is among the
most efficient refineries in Europe due to its skilled and
highly experienced employees, as well as continuous investment
in maintaining its assets in excellent condition
It also has strong local connections in Bavaria, one of the
biggest growth regions in Germany.
The production capacity is 100,000 bpd. Depending on the
product (bitumen, mogas, diesel, heating oil), the refinery
served 20% to 30% of the market in Bavaria and the connected
regions, Gunvor said.
The Transalpine (TAL) pipeline, which originates in Trieste,
Italy, supplies crude oil to the refinery.
For Gunvor, the acquisition of the Ingolstadt refinery and
the connected marketing activities is the first step to
establishing a presence in Germany, it said.
Gunvor also strengthens its European market position, adding
to its current refinery investment in Antwerp,
Refineries complement Gunvor's trading function, which the
company says can create greater operational efficiency across
the supply chain.
Gunvor hopes to leverage its expertise and existing
relationships with crude suppliers to gain access to the types
of crude oils processed at its refineries.