Glencore set to buy majority stake in FincoEnergies

Swiss commodity trader and miner Glencore has agreed to acquire a majority stake in Dutch fuel supplier FincoEnergies.

IMAGE: Barrels of biofuels. Getty Images

FincoEnergies currently supplies marine gasoil and biofuel blends at ports across the ARA hub. Its biofuel offerings range from B30 (30% biofuel) to B100, or pure biofuel.

It has also recently acquired a stake in Dutch bunker fuel supplier Oliehandel Klaas de Boer, which operates at several Dutch ports including Amsterdam, IJmuiden, Beverwijk, Eemshaven, Delfzijl, Harlingen and Lauwersoog.

This deal will support the further expansion of its physical presence in northwest European markets and help grow its portfolio of low- and zero-emission bunker fuels, FincoEnergies added.

The transaction is expected to close next year, subject to regulatory approval.

Dutch investment firm Coloured Finches will reduce its stake from a majority to a minority upon completion of the deal, and Glencore will become the majority shareholder in FincoEnergies.

Existing minority shareholder Pontex will exit its investment as part of the transaction, FincoEnergies said.

By Konica Bhatt

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