Chemoil Energy buys marine fuel unit of OceanConnect for $25m

04 January 2011 01:59  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore-listed Chemoil Energy has agreed to buy the marine fuel group business of global energy brokerage firm OceanConnect Holdings for around $25m (€18.8m), the company said in a statement late on Monday.

The deal would include OcenConnect's marine fuel business, as well as its bunker brokering and trading offices in the United States, United Kingdom, United Arab Emirates, South Korea, Japan and Denmark, it said in a disclosure to the city-state's bourse, Singapore Exchange.

OceanConnect's former CEO Tom Reilly was named as Chemoil's new CEO and director effective 3 January, the statement added.

($1 = €0.75)

To discuss issues facing the chemical industry go to ICIS connect


By: Nurluqman Suratman



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly