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Glencore’s Chemoil disposes of entire stake in Adani joint venture

Glencore’s Chemoil disposes of entire stake in Adani joint venture
Bunker supplier Chemoil Energy, subsidiary of Glencore, has disposed of its 49% stake in a joint venture Chemoil-Adani to its other partner.

Chemoil’s latest move will see the joint venture be renamed Adani Bunkering, and be fully owned by Adani Enterprises.

The acquisition sum made by Adani Enterprises from Chemoil was not disclosed.

According to a statement issued by Chemoil and Adani Enterprises, the joint venture had been instrumental in growing the business of selling marine fuels in India. However, “both parties now feel that the time is right to separately pursue their own strategies in this important and rapidly growing market.”

Chemoil-Adani had previously been a physical supplier the Indian ports of Mundra, Kandla, Jamnagar, Bedi, Sikka, and Vadinar.

“Glencore and the Adani group have a long and successful association in a number of businesses around the world, and will continue to do so where they see shared opportunities,” the statement said.