Oil trader Gunvor to buy, restart Petroplus refinery in Antwerp, Belgium

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 disclosed.

“We are delighted to have won the bid for what will be a significant asset for the group as we look to expand our presence and 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.

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