Reported about 1 year ago
Commodity traders with significant funds are purchasing oil refineries being divested by major energy companies. Trading houses are investing in refineries to gain more trading options, exposure to markets, and insight into fuel supplies. The move comes as Big Oil faces pressure to focus on higher-return assets and reduce pollution-intensive businesses. Recent acquisitions include Vitol Group bidding for Citgo assets and Glencore Plc buying Shell's Bukom refinery.
Source: YAHOO