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)

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By: Nurluqman Suratman

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