Global marine fuels supplier Chemoil Energy has inked an agreement to sell 50% of its stake in IPC USA to Japan's Itochu Corporation, Seatrade Asia reports.
Chemoil will bag $20.75m from the share sale and the proceeds will be used for general corporate purposes and for working capital, the bunker supplier announced on Thursday.
Chemoil said the historical financial performance of IPC USA has been volatile, including weak results in 2007 and 2008 and again so far in 2011.
The deal will see Itochu control 100% stake in IPC USA. IPC USA markets and distributes gasoline and diesel fuel to retail gasoline stations in the US.
Itochu is the second largest shareholder of Chemoil while commodities trader Glencore is the majority owner.
Chemoil will bag $20.75m from the share sale and the proceeds will be used for general corporate purposes and for working capital, the bunker supplier announced on Thursday.
Chemoil said the historical financial performance of IPC USA has been volatile, including weak results in 2007 and 2008 and again so far in 2011.
The deal will see Itochu control 100% stake in IPC USA. IPC USA markets and distributes gasoline and diesel fuel to retail gasoline stations in the US.
Itochu is the second largest shareholder of Chemoil while commodities trader Glencore is the majority owner.