Chemoil closes acquisition of OceanConnect business

Hong Kong marine fuel trader Chemoil Energy said it had completed its purchase of the marine fuel group (MFG) operations of U.S. ethanol and biodiesel broker OceanConnect for some US$25 million. The buyer agreed to pay the price in five installments from January 2011 to January 2014 and said it had already provided the first US$5 million payment. It will use existing resources to finance the deal. With this transaction, Chemoil Energy aims to boost the volume of its fuel-related transactions and expand its global presence. Chemoil Energy said it had taken on 38 MFG bunker brokering and trading staff, as well as its offices in the U.S., the U.K., the U.A.E., South Korea, Japan and Denmark. (January 3, 2011)