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World’s largest independent oil trader ditches Gupta deal

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Ajay Gupta believes the idea of state capture is an imaginary concept created by the media.
Ajay Gupta believes the idea of state capture is an imaginary concept created by the media.

Johannesburg - Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by the Gupta family.

“The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the commodities-trading house said in a statement on Monday.

The proposed deal, first reported by Bloomberg News in September 2016, would have seen Vitol and South Africa’s Burgh Group acquire Optimum Coal Terminal from the Gupta’s Tegeta Exploration and Resources. It would have given the consortium a 7.61% stake in Richards Bay and rights to ship about 8 million tonnes of the fuel from South Africa annually.

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