SINGAPORE Oct 9 Chemoil Energy Ltd is
selling Chemoil Storage Ltd, which owns a company providing fuel
storage services on Singapore's Jurong Island, to Oiltanking
GmbH for $285 million.
Chemoil said on Tuesday it will realise an estimated net
gain of around $152.3 million from the proposed sale. It intends
to use part of the sale proceeds for its expanding fuel supply
business and also to make investments.
"The company believes that structural changes that have
occurred in the marine fuels market will in the future favour an
asset-light business model that is more able to respond quickly
to volatility in volumes and margins," Chemoil said in a
Glencore International Plc has a controlling stake
in Chemoil Energy.