Chemoil Energy says unit Chemoil International has acquired the marine fuel group business of OceanConnect Holdings Inc for US$25 million ($32 million) which will be funded by internal resources.
In a separate announcement, Chemoil says it has appointed Tom Reilly, the former chief executive officer of OceanConnect, as its new CEO and director on Monday.
OceanConnect’s marine fuel group business has a book value of US$47,536 and comprises a team of 38 experienced MFG bunker brokering and trading personnel and staff as well as offices in the US, the UK, United Arab Emirates, South Korea, Japan and Denmark.
In FY 2009, net profit attributable to the business was US$2.04 million.
Based on the historical volumes achieved by the group for the past three years, Chemoil says the acquisition is expected to increase its fuel-related transactions by some 8 to 9 million tonnes annually.
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