Dubai's DP World acquires oil shipping firm Topaz for $1.1B

DUBAI, United Arab Emirates (AP) — International port operator DP World has acquired a major oil and gas marine logistics provider for nearly $1.1 billion.

Dubai-based DP World announced on Monday that it had acquired 100% of Topaz from the Oman-listed Renaissance Services, furthering the port operator's expansion in the global logistics and marine services industry.

Topaz operates 117 vessels in the Caspian Sea, Middle East and West Africa and works with major oil firms like BP, Chevron, ExxonMobil and Dubai Petroleum.

DP World CEO Sultan Ahmed bin Sulayem says the acquisition strengthens the company's operations in maritime logistics, where its subsidiary P&O Maritime maintains over 300 vessels.

DP World says the deal opens the door for new business opportunities, including increasing transit volumes through Azerbaijan and energy-rich corridors around the Caspian Sea.