Geneva-based marine fuel supply and procurement joint venture TFG Marine has completed the acquisition of its majority stake in Spanish bunkering company Vilma Oil Med.
TFG Marine has bought majority ownership of joint venture Vilma Oil Med, a bunkering company located in the port of Ceuta, Spain for an undisclosed sum.
To remind, TFG Marine is a joint venture between physical commodity trading company Trafigura Group Pte and ship owning companies Frontline Ltd and Golden Ocean Group Ltd.
“Strategically located in the Strait of Gibraltar, one of the world’s busiest seaways with over 100,000 vessels transiting each year, the facility is ideally situated for a bunkering operation,” TFG Marine said in its release.
Vilma Oil Med has been developing its bunkering service since 2006. Operations are run from Madrid and include a 84,000cbm storage terminal and a bunkering barge, supplying over 1,500 vessels each year.
With a time-chartered bunker barge, Vilma Oil Med also supplies vessels that cannot go into the port.
The joint venture enables TFG Marine to supply vessels with a complete range of bunker fuel, TFG Marine said, in the West Mediterranean Sea.
Vilma Oil Med’s bunkering vessel is currently being fitted with a mass flow meter.
