The energy group Uniper is divesting its marine fuels business in the United Arab Emirates.

A consortium consisting of the Montfort Group and the Private Office of Sheikh Ahmed Dalmook Al Maktoum will take over 100 percent of the shares in the former crude oil processing and marine fuel trading business (Uniper Energy DMCC), Uniper announced on Thursday. The parties have agreed not to disclose the purchase price. The takeover is expected to be completed in the coming months.

DMCC produces and supplies low-sulphur marine fuels for the market in Fujairah - one of the world's three largest bunker centers for the storage of fuels. The business includes the operation of a crude oil processing plant in the port of Fujairah, which sells over 30 million barrels of low-sulphur fuel oil to the shipping industry annually, as well as a trading office in Dubai and a team of around 25 employees. The sale was part of the conditions that the nationalized group had to meet under EU state aid law.

(Report by Tom Käckenhoff; edited by Sabine Wollrab. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)