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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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This is why Maersk Oil Trading is not part of the Maersk Oil sale to Total

21 Aug 2017 10:55 GMT

Maersk Oil Trading's transactions are reported as unallocated activities within Transport & Logistics.



A.P. Moller - Maersk A/S has entered into an agreement to sell Maersk Olie og Gas A/S (Maersk Oil) to Total S.A. for $7.45 billion in a combined share and debt transaction.

Maersk Oil - a specialist in oil and gas production and exploration activities - is the first of the four energy companies of A.P. Moller - Maersk for which a future structural solution has been identified. The solutions for Maersk Drilling, Maersk Supply Service and Maersk Tankers remain to be defined before the end of 2018, according to A.P. Moller - Maersk.

Whereas Maersk Oil's crude oil sales department, Maersk Global Energy Trading, does form part of the deal with Total, as does Maersk Energy Marketing A/S, which handles the sale and marketing of A.P. Moller - Maersk's share of natural gas produced in the North Sea, the divestment does not include Maersk Oil Trading, which is responsible for purchasing marine fuel and lubricants for A.P. Moller - Maersk's fleet of shipping vessels.

In A.P. Moller - Maersk's financial reports, the activities of Maersk Oil Trading are not allocated to reportable segments, which comprise the Transport & Logistics segments: Maersk Line, APM Terminals, Damco, Svitzer and Maersk Container Industry; and the Energy segments: Maersk Oil, Maersk Drilling, Maersk Supply Service and Maersk Tankers.

Instead, Maersk Oil Trading's transactions are reported as unallocated activities within the Transport & Logistics business.

In total, Maersk Oil Trading says it is responsible for sourcing more than 10 million tonnes of marine fuel per annum for the entire fleet of the A.P. Moller - Maersk Group.

Maersk Oil Trading Singapore Pte Ltd was last year granted a bunker supplier licence by the Maritime and Port Authority of Singapore (MPA) and was ranked as Singapore's 36th-biggest supplier in 2016.

As a consequence of the transaction with Total, Maersk Oil is to be classified as held-for-sale and as a discontinued operation in A.P. Moller - Maersk's interim report for Q3 2017.




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