May 26, 2024
Business

Montfort and the Private Office of Sheikh Ahmed Dalmook Al Maktoum

16 February 2023: Montfort Group and the Private Office of Sheikh Ahmed Dalmook Al Maktoum (the Private Office) have agreed to jointly acquire Uniper’s United Arab Emirates-based crude oil processing and marine fuel trading business (Uniper Energy DMCC). The parties agreed to not disclose the agreed purchase price, and the acquisition is expected to be completed in the coming months, subject to regulatory approvals.

Uniper Energy DMCC is the market leader in the production and supply of IMO 2020 compliant low-sulphur fuel oils to the Fujairah market – one of the largest and most rapidly growing bunker fuel markets in the world. The business operates a 65,000 barrels/day crude processing facility in the Port of Fujairah, selling over 30 million barrels of low-sulphur fuel oil to the shipping industry each year.

Sheikh Ahmed Bin Dalmook Al Maktoum said: “We are excited to be part of this acquisition, which is a key milestone in our infrastructure investment portfolio. 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.”

Montfort stated in an official announcement: “This marks an important milestone in our Group’s history. We are delighted to enter into a strategic partnership with the Private Office to acquire a leading position in a sector that is central to our trading activity. The addition of the Fujairah production facility to our portfolio will enable us to further improve our product offering to our low-sulphur fuel customers in the region. This investment demonstrates our long-term commitment to this sector.”

Uniper is an international energy company with activities in more than 40 countries. With around 7,000 employees, it makes an important contribution to security of supply in Europe. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio.

Montfort is a global commodity trading and related-asset investment company with a diverse portfolio of assets and innovative services in trading, shipping, retail, upstream, and downstream. It has offices in 10 countries across Europe, Africa, the Middle East, and Asia.

The Private Office has a portfolio of privately and publicly held group companies that focus on energy (conventional and renewable), infrastructure, LNG, oil and commodity trading, healthcare, and agriculture sectors. Through its strategic investments, the office is well positioned to foster growth opportunities and technology innovation for its affiliate and partner companies.

Last Updated on 1 year by Middle East News 247

    Middle East News 247

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