The sale forms part of the remedies package required by the European Commission. Credit: Hands off my tags! Michael Gaida from Pixabay.

German utility Uniper has agreed to divest a 100% stake in its oil refinery in the UAE to a consortium of Montfort and the private office of Sheikh Ahmed Dalmook Al Maktoum.

Financial terms of the deal have not been made public.

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Under the deal, the consortium will acquire Uniper’s UAE-based crude oil processing and marine fuel trading business, named Uniper Energy DMCC.

Uniper Energy DMCC operates a crude processing facility in the Port of Fujairah that produces and supplies IMO 2020 compliant low sulphur fuel oils to the Fujairah market.

The business sells more than 30 million barrels of low-sulphur fuel oil to the shipping industry annually.

Maktoum was quoted by Reuters as saying: “We believe that this flagship asset will bring additional expertise and resources to benefit the local production and sale of marine fuels.”

Subject to satisfaction of certain conditions precedent, the transaction is planned to be closed in the coming months.

Montfort was quoted by the news agency as saying: “We are delighted to enter into a strategic partnership with the Private Office to acquire a leading position in a sector that is central to our trading activity.”

The sale forms part of the remedies package required by the European Commission for approval of the bailout and subsequent nationalisation of Uniper that was agreed in 2022.

In September 2022, Germany agreed to acquire an additional stake in Uniper and nationalise the gas importer to ensure energy supplies in the country.

As an initial remedy measure under the EU state aid law, Uniper last month agreed to sell a 20% stake Dutch BBL Company VOF, which owns a gas interconnection linking the UK and the Netherlands, to Spanish firm Enagas.