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Fujairah sells refinery stake to Swiss firm
DUBAI — The government of Fujairah has sold "most of the stakes" in its refinery to Swiss-based oil trader Vitol, a statement on the state news agency Wam said yesterday.
The 82,000 barrels per day refinery has been mothballed but a government official said last month it could be restarted once it was sold.
"The deal was signed on Thursday night during a meeting between His Highness Shaikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, and Ian Taylor, president of Vitol Group," Wam said. The statement did not give a value for the sale.
The plant has been shut since March 2003 due to poor refinery margins. Production had previously been interrupted from 1998 to 2000 after the plant's former owner, Metro Oil Corp, went bankrupt.
Fujairah is one of the world's largest ship refuelling centres. Around 20 per cent of global daily crude supply passes through the Strait.
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