Saudi Aramco Overseas Company (AOC), a subsidiary of Saudi Aramco, has entered into an arrangement to buy a stake in a Rotterdam terminal from commodities trader Gunvor, the company said on Thursday.
The deal is targeted for completion by the end of October. Terms were not disclosed.
AOC will buy Gunvor’s stake in the Maasvlakte Olie Terminal and the sale is targeted for completion by the end of October, it said in a statement.
The terminal takes in roughly one-third of the total crude oil supply into Rotterdam annually, according to the terminal’s website, with around 240 supertankers delivering crude every year to its 39 storage tanks, said the Financial Times.
AOT’s investment in the terminal will add to its investment in other facilities in the same area and allow it to expand offerings in the North West Europe refining hub, it said.
Gunvor will use the proceeds of the terminal sale to invest in the Rotterdam refinery, the company said in a statement.