Gunvor Group has completed its acquisition of the Q8 Europoort refinery in Rotterdam, The Netherlands, from Kuwait Petroleum International, officials announced on Monday.

The move will allow the refinery to continue to operate in line with Gunvor's integration and optimization strategies, according to company officials.

"We are pleased to welcome the Rotterdam facility into the Group," said Gia Mai, Gunvor's chief investment officer. "The Rotterdam refinery will enhance Gunvor's existing refining operations, particularly through synergies with our Antwerp facility, while complementing our global trading activities."

As a part of the transfer, Kuwait Petroleum Europoort will now be named Gunvor Petroleum Rotterdam and will be integrated into Gunvor's existing European refinery network, which includes refineries in Antwerp, Belgium and Ingolstadt, Germany, both wholly-owned by the Gunvor Group since 2012.

Gunvor is one of the world's leading independent commodities trading houses, and with the acquisition of the Rotterdam facility is now responsible for more than 1,000 refining jobs in Europe and almost 300,000 bpd of installed refining capacity.