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Mon 28 Sep 2009, 07:44 GMT

Chemoil shareholder still in stake sale talks - source


Majority shareholder is said to be still in discussions over the sale of some or all of its shares.

Chemoil Energy Ltd is reported to have confirmed that its majority shareholder is still in talks over a possible sale of some or all of its shares.

According to Singapore-based Business Times, the family of Chemoil Energy's founder Robert Chandran remains in discussions to sell its 51 percent interest in the bunker supply firm, said to be worth around US$240 million.

A majority shareholding in Chemoil would provide a new investor with a valuable marine fuels business in a number of key locations including the United States, Fujairah, Singapore and India.

It would also include Chemoil's fuel storage facility network, which includes the Batangas terminal in the Philippines; Chemoil's flagship Helios Terminal on Jurong Island, Singapore and the GPS-Chemoil terminal in Fujairah.

Earlier this year, trading giant Glencore was being tipped to win the majority stake in the company.

In a statement to the stock exchange in June 2009, Chemoil Chief Executive Officer Clyde Michael Bandy said "The company has been informed that the majority shareholder is currently in discussions with various parties involving a possible sale of some or all of its shares in the company."

"However, the company has been informed by the majority shareholder that, at this juncture, the discussions may or may not materialise into something definitive."

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