Gunvor Acquires Stake In TAL Pipeline

INGOLSTADT, Germany, Dec. 6, 2012 /PRNewswire/ -- Affirming its long-term commitment to serving the German market, Gunvor Group ("Gunvor") has acquired a 10 percent stake in the Transalpine Pipeline (TAL), which supplies Gunvor Raffinerie Ingolstadt ("GRI"). This acquisition will allow Gunvor to secure a long-term crude supply to GRI. The deal closed December 4.

The Ingolstadt refinery, which Gunvor purchased in August, serves the markets in Southern Germany and Upper Austria, providing an important fuel supply and competition to the land-locked area.

In addition to Gunvor, shareholders in TAL currently include: OMV (25%); Shell (24%); Ruhr Oel (11%); Eni (10%); BP (9%); ExxonMobil (6%); ConocoPhilips (3%); and Total (2%).

SOURCE Gunvor Group