DP World buys Unifeeder for $764m

Dubai-based DP World said it bought Denmark-based Unifeeder Group for $764 million. (Reuters)
Updated 07 August 2018
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DP World buys Unifeeder for $764m

  • Unifeeder deal to boost presence in global supply chain
  • Acquisition subject to approvals

DUBAI: DP World said it bought Denmark-based Unifeeder Group for $764 million.

It acquired the container and shortsea network from the Nordic Capital Fund and other shareholders, the Dubai-based ports operator said in a statement.
The Danish group reported reveunes of about €510 million last year.

DP World hopes the acquisition will boost its presence in the global supply chain and reduce inefficiencies.

“The ever growing deployment of ultra- large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe,” DP World Chairman Sultan Ahmed Bin Sulayem, said.

“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.”

DP World called Unifeeder “an important and growing” network in Europe serving both deep-sea hubs and other markets.

The port operator said that the sale is expected to close in the fourth quarter of this year.

DP World operates 80 terminals in over 40 countries and is majority owned by the government of Dubai.


Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

Updated 14 December 2018
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Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

  • Ransom payment would set dangerous precedent
  • NOC declared force majeure on exports on Monday

BENGHAZI: Libya’s state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country’s largest oilfield.
“Any attempt to pay a ransom to the armed militia which shut down El Sharara (oilfield) would set a dangerous precedent that would threaten the recovery of the Libyan economy,” NOC Chairman Mustafa Sanalla said in a statement on the company’s website.
NOC on Monday declared force majeure on exports from the 315,000-barrels-per-day oilfield after it was seized at the weekend by a local militia group.
The nearby El-Feel oilfield, which uses the same power supply as El Sharara, was still producing normally, a spokesman for NOC said, without giving an output figure. The field usually pumps around 70,000 bpd.
Since 2013 Libya has faced a wave of blockages of oilfields and export terminals by armed groups and civilians trying to press the country’s weak state into concessions.
Officials have tended to end such action by paying off protesters who demand to be added to the public payroll.
At El Sharara, in southern Libya, a mix of state-paid guards, civilians and tribesmen have occupied the field, camping there since Saturday, protesters and oil workers said. The protesters work in shifts, with some going home at night.
NOC has evacuated some staff by plane, engineers at the oilfield said. A number of sub-stations away from the main field have been vacated and equipment removed.
The occupiers are divided, with members of the Petroleum Facilities Guard (PFG) indicating they would end the blockade in return for a quick cash payment, oil workers say. The PFG has demanded more men be added to the public payroll.
The tribesmen have asked for long-term development funds, which might take time.
Libya is run by two competing, weak governments. Armed groups, tribesmen and normal Libyans tend to vent their anger about high inflation and a lack of infrastructure on the NOC, which they see as a cash cow booking billions of dollars in oil and gas revenues annually.