August 28, 2018 / 8:00 AM / 3 months ago

Gunvor halts Rotterdam refinery upgrade for new shipping fuels

AMSTERDAM, Aug 28 (Reuters) - Global energy trader Gunvor Group has put on hold plans to add a fuel upgrading unit at its Rotterdam refinery intended to create shipping fuels that adhere to new rules on sulphur emissions, it said on Tuesday, citing market conditions.

“The price environment and other relevant economics have changed considerably since Gunvor first began exploring the concept a year ago,” the company said, referring to the upgrade facility, known as a delayed coker unit.

Dutch newspaper Het Financieele Dagblad first reported the delay, citing an internal company memo.

Gunvor also confirmed to Reuters it has halted plans to sell its stake in the Stargate storage terminal in Rotterdam. (Reporting by Toby Sterling, editing by Louise Heavens)

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