Gunvor Buys Stake in TAL Pipeline to Secure Crude
(Corrects date of deal in second paragraph in story published yesterday.)
Gunvor Group Ltd. said it bought a 10 percent stake in the Transalpine pipeline to secure long-term crude supply to its refinery in Ingolstadt, Germany.
The deal closed on Dec. 4, the company said today in an e- mailed statement. The pipeline known as TAL runs from Trieste in Italy to locations in Germany.
Austria’s OMV AG (OMV) has a 25 percent share in TAL and Royal Dutch Shell Plc (RDSA) owns 24 percent, according to the statement. Ruhr Oel GmbH, a venture of BP Plc (BP/) and OAO Rosneft, has an 11 percent stake, Eni SpA (ENI) holds 10 percent, BP 9 percent, Exxon Mobil Corp. (XOM) 6 percent, ConocoPhillips (COP) 3 percent and Total SA (FP) 2 percent, the statement showed.
Gunvor completed the purchase of the 110,000 barrel-a-day Ingolstadt refinery from Petroplus Holdings AG, the insolvent Swiss refiner, in August. The pipeline stake Gunvor bought was previously owned by Petroplus.
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