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2010 November 23   10:44

Chemoil to buy Oceanconnect's bunkering business

Chemoil Energy is set to Oceanconnenct’s marine fuel business, with its ceo Thomas Reilly taking over as the top man at Chemoil. Singapore-listed Chemoil said it had entered a letter of intent with Oceanconnect Holdings to acquire its marine fuels group (MFG). Chemoil said the potential acquisition would include a significant number of employees in London, New York, Tokyo, South Korea and Dubai handling an annual sales volume of around 8.5m tonnes of bunkers. If the acquisition is closed Chemoil said it intends to appoint MFG ceo Reilly as ceo of Chemoil to succeed Clyde Michael Bandy currently chairman and ceo. Bandy would remain as ceo and a director of Chemoil.

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