Dec 15 (Reuters) - Commodity trader Glencore has bought a 51 percent stake in Singapore fuel trader Chemoil Energy Ltd CHEL.SI and offered to buy all remaining shares, a move to acquire storage assets and to strengthen its fuel trading.
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Here are some facts about Chemoil’s assets.
* In Singapore, Chemoil owns the 448,000 cubic metre (cu m) Helios oil storage terminal, which began operations last year.
The terminal, currently occupied by Chemoil, Brazil’s Petrobras (PETR4.SA) and Japan’s Itochu Petroleum (8001.T), a Chemoil stakeholder, has the capacity to expand by another 180,000 cu m at a cost of $53 million.
* Chemoil also has a major presence in the Middle East marine fuels market, in the United Arab Emirates’ port Fujairah, the world’s third largest bunkering port Fujairah, after entering the market last year.
It also has a stake in a joint-venture 100,000 cu m terminal there with Gulf Petroleum Supplies (GPS), which is expected to be expanded to 700,000 cu m by 2011.
* In India, Chemoil has a joint-venture with the Adani Group, which owns the country’s largest private port in Mundra on the west coast, which is expected to see rapid growth in sales of marine fuels. The venture also has a 300,000 cu m storage terminal in the port.
* In the United States, Chemoil is one of the main marine fuels suppliers and the largest in Los Angeles and New York, while Glencore’s activities are focused in Latin America and the Panama Canal.
The company also traded clean products including jet fuel and diesel in the U.S. for the past five years. (Reporting by Singapore Energy Desk; Editing by Lincoln Feast)