Montfort has emerged as the top bidder for Uniper Energy's oil refinery in the UAE that produces low-sulphur fuel oil for the shipping industry, multiple sources familiar with the matter said this week.
The deal could make Montfort one of the top two suppliers of ship fuel, also known as bunker fuel, in the world's third-largest bunkering hub located in the United Arab Emirates' city of Fujairah, rivalling energy trader Vitol.
Under the deal, Montfort would take over Uniper Energy DMCC's facility, which consists of two crude processing units specifically focused on provided low-sulphur, environmentally compliant bunker fuel that started commercial production in 2017. The companies are finalising the deal, some of the sources said, although one source said the deal has been closed. Other companies that were also in the running were Vitol and BB Energy, the sources said.The Fujairah plant processes mainly African sweet, or low-sulphur, crude oil, producing about 5 million tonnes per year of very low-sulphur fuel oil , according to Uniper and Refinitiv data.
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