Gandhar Oil to terminate joint venture with ESPE Oils FZC

Gandhar Oil Refinery (India) Ltd. announced on September 23, 2025, that its board of directors approved the termination of its joint venture with ESPE Oils FZC, which operates as TEXOL OILS FZC. Gandhar Oil currently holds a 50% share in TEXOL OILS FZC, a company that operates under Commercial License No. (24670) from the Hamriyah Free Zone Authority Sharjah.

The board resolved to terminate all existing licenses related to this venture and to close or wind up TEXOL OILS FZC. The decision was reached due to a change in circumstances where the separate joint venture structure was no longer beneficial to either party, leading to a mutual agreement for termination.

The joint venture termination agreement between Gandhar Oil Refinery and ESPE Oils FZC is expected to be finalized on a date approved by both parties. This move marks a significant restructuring for Gandhar Oil Refinery in its international operations.