Multi-national energy company Uniper has reached an agreement to sell its United Arab Emirates-based crude oil processing and marine fuel trading business, Uniper Energy DMCC, to a consortium comprising the Montfort Group and the Private Office of Sheikh Ahmed Dalmook Al Maktoum. Uniper Energy DMCC produces and supplies IMO 2020 compliant low sulphur fuel oils to the Fujairah market, the third largest bunker fuel market in the world. The business being sold includes the operation of a crude processing facility in the Port of Fujairah, which sells over 30 million barrels of low sulphur fuel oil to the shipping industry each year, and a trading office based in Dubai, including a team of around 25 people.
The divestment is part of the remedies Uniper must fulfil under EU state aid law, after the EU Commission approved a stabilisation package for the company.
Sheikh Ahmed Bin Dalmook Al Maktoum said: “We believe that this flagship asset will bring additional expertise and resources to benefit the local production and sale of marine fuels. Fujairah is a major oil trading hub in the Arabian Gulf and strategically a very important destination for global logistics. We believe that through this acquisition, we can contribute to the MENA and global commodities market.”