Uniper to divest Middle East marine fuel oil business by 2026 under EC’s bailout plan

German gas company Uniper SE, majority owned by Finnish firm Fortum Oy, will divest its stake in marine fuels business Uniper Energy DMCC (UED), based in Dubai, by 2026 as part of the European Commission's (EC) €34.5 billion ($36.7 billion) recapitalisation plan.

PHOTO: Getty Images

UED operates a refinery at Port of Fujairah, the world's third-largest bunkering hub, which can produce 80,000 b/d of marine fuels with sulphur content of 0.10% and 0.50%. The refinery's total capacity is 5 million mt/year.

UED started supplying 10% and 20% biofuel-VLSFO blends in 2021 in partnership with Dubai-based Neutral Fuels.

On its official website, Uniper states that its marine biofuels and low-sulphur fuel oils serve around 50% of the middle east bunker market. Its other major markets are South and East Africa, India, Singapore, and China.

Unnamed sources told Bloomberg in November that several parties, including Switzerland's Vitol Group, expressed interest in Uniper's UAE refinery and a sale agreement could be signed as soon as this year.

By Konica Bhatt

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