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Commodity trading firm Glencore has agreed to buy a 50.8 percent stake in marine fuel supplier Chemoil Energy Ltd., to gain key storage assets in Singapore and an important foothold in the bunker market.

The family of Chemoil founder Robert Chandran agreed to sell its majority stake in the company to Singfuel Investment Pte., a wholly owned unit of Glencore.

Singfuel is understood to have paid $233 million with the acquisition of approximately 656.7 million Chemoil shares at 35.52 each, according to an offer document from DBS Bank Ltd. The purchase price is an 18 percent discount to yesterday's close at 43.5 cents and values the firm at $459 million.

Chandran’s family had been reported to be seeking to sell its stake in Chemoil earlier this year following the death of Robert Chandran in a helicopter crash in January 2008. They were said to be in discussions with various parties with Glencore being strongly tipped to win the majority stake.

Chemoil is also 37.5 percent owned by Itochu Corp. The remaining 11.7 percent of the company is in public hands.

A majority shareholding in Chemoil provides Glencores with a valuable marine fuels business in a number of key locations including the United States, Fujairah, Singapore and India.

The company will also benefit from Chemoil's fuel storage facility network, which includes the Batangas terminal in the Philippines; Chemoil's flagship Helios Terminal on Jurong Island, Singapore and the GPS-Chemoil terminal in Fujairah.

Glencore is the world’s largest commodity trading company. It is a major player in the East Asia market for fuel oil, deals in a range of petroleum products, grains and metals as well as holding shares in smelters and mines.