Chemoil buys OCH’s marine fuels business

Market: Freight, Oil products
04/01/11

Singapore-listed bunker supplier Chemoil said it plans to buy the marine fuels business of energy broker OceanConnect Holdings (OCH) in a deal worth around $25mn.

Chemoil said the deal is expected to increase its sales volume by 8mn-9mn t/yr. It is acquiring OCH's marine fuel operations, its independent online bunker auction portal and a team of bunker brokers and traders in the US, UK, UAE, South Korea, Japan and Denmark.

OCH chief executive Tom Reilly will become chief executive of Chemoil. Mike Bandy, who had held the dual role of chairman and chief executive at Chemoil, will remain as the company's chairman and non-independent director.

Global trading house Glencore took a majority stake in Chemoil in 2009.

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Chemoil buys OCH’s marine fuels business

Related news posts

Mexico central bank cuts target rate to 7pc

Mexico central bank cuts target rate to 7pc

Viewpoint: Bitumen markets eye pockets of demand

Viewpoint: Bitumen markets eye pockets of demand

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