The Netherlands-based Aramco Overseas Company B.V. (AOC), a subsidiary of state-run Saudi Aramco, has inked an arrangement to acquire Gunvor Group’s stake in the Maasvlakte Olie Terminal (MOT) in Rotterdam.
The deal is expected to be finalized by the end of this month, Saudi Aramco said in a joint statement on Thursday.
No further information was disclosed about the sale value or the agreed terms.
AOC’s investment in MOT will add to its current participation in other facilities in the same area, allowing for expanded offerings in the North West Europe refining hub.
It will complement Saudi Aramco’s export activities in Europe, strengthen the company’s supply chain and enhance its customer services in the region.
Gunvor purchased its holding in MOT through acquiring Gunvor Petroleum Rotterdam in 2016.
Maasvlakte Olie Terminal is a joint venture between Shell, Exxon, BP, Q8, Zeeland Refinery and Vopak. The terminal is one of the world’s largest crude oil storage facilities with a total storage capacity of nearly 4.6 million m3.
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