Bloomberg News

Gunvor Buys Stake in TAL Pipeline to Secure Crude

December 07, 2012

(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:US) 6 percent, ConocoPhillips (COP:US) 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.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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