UAE trading firm Montfort enjoyed rapid growth from 2020-2023 as the Dubai-based outfit pursued an aggressive expansion push. Buoyed by its successes, the firm beat out the likes of Vitol and Litasco, heavyweight global trading firms, to purchase the Uniper refinery in Fujairah last year, but the road since then has been rocky (MEES, 17 February 2023).
The firm was forced to shut-in the renamed Fort Mont refinery earlier this year amid struggles to secure adequate credit lines to purchase crude oil feedstock. These struggles were exacerbated by the Sudan conflict closing off its access to Fort Mont’s preferred feedstock, South Sudan’s Dar (26° API, 0.12% sulfur) crude oil (MEES, 26 July). (CONTINUED - 301 WORDS)
