Amadeusz Juskowiak

Ultramar sells uk marketing units for 50 mln stg

Ultramar Plc UMARL said it had reached agreement in principle to sell its wholly owned UK Marketing companies to Kuwait Petroleum Corp for around 50 mln stg

Ultramars marketing units include Ultramar Golden Eagle Ltd which in 1985 made a profit of around 14 mln stg before financing and group administration charges A small loss was recorded for the first nine months of 1986

The sale is due to take place on April 1 with the proceeds intended to reduce group debt in the short term But Ultramar said the funds would ultimately be used for further development of its core businesses in the UK And North America