Acquisition Finalized Amidst Scrutiny
US-based fuel distributor Sunoco, a majority-owned subsidiary of Energy Transfer Partners, L.P., completed its acquisition of TanQuid, Germany's largest independent oil depot operator, on January 16, 2026. The German Ministry of Economy had approved the deal on January 9, 2026, stipulating conditions to ensure the continued operation of oil depots and the supply of fuel for military needs.
The acquisition has drawn attention due to the political affiliations of Kelcy Warren, the CEO of Sunoco's parent company, Energy Transfer. Warren is known as a significant donor to Donald Trump, having financed his campaigns since 2016 and contributed millions to political committees supporting the MAGA movement and America First initiatives.
TanQuid's Strategic Importance
TanQuid operates a substantial network of energy infrastructure, including 15 oil depots in Germany and one in Poland. The company controls approximately 20% of Germany's national fuel storage capacity and manages over 1,000 kilometers of strategic pipelines. Macquarie Asset Management sold TanQuid for approximately €500 million, a figure that includes about €300 million of assumed debt. Macquarie had held ownership of TanQuid since 2005.
A particularly sensitive aspect of the acquisition is TanQuid's 49% stake in a company responsible for supplying aviation fuel to military airfields, which is vital for the operational readiness of the German Air Force (Luftwaffe). The German Ministry of Economy's approval included specific, though undisclosed, restrictions to guarantee the ongoing operation of the pipeline company that provides fuel for military purposes.
Concerns from German Parliament and Civil Society
The sale prompted concerns from German parliamentarians and civil society groups. Lawmakers from the Greens party, along with organizations like Greenpeace, raised questions regarding the potential impact on European energy supply, especially considering the new owner's publicly known political proximity to the former US President. They also queried whether German companies' access to the storage facilities could be restricted by a US corporation during periods of geopolitical tension.
The German government, while confirming an investment inspection procedure was underway, cited 'trade secret' concerns for not providing a substantive response to these inquiries.
Broader European Expansion
This acquisition is part of a broader expansion by Sunoco, through Energy Transfer, into the European energy market. Since 2024, the company has acquired nearly €700 million worth of European energy infrastructure assets, including liquid fuel storage facilities in strategic locations such as Ireland, the Netherlands, Germany, and Poland. These acquisitions aim to enhance Sunoco's infrastructure capabilities and strengthen its foothold in the European fuel distribution supply chain.
5 Comments
Africa
Diversifying ownership can actually enhance energy security. Good for Germany.
ZmeeLove
While the deal is a clear business win for Sunoco and Macquarie, the public outcry from groups like Greenpeace and the Greens highlights a disconnect. There's a need to balance economic growth and international investment with national sovereignty and environmental responsibility.
Muchacho
If Germany approved it, there's no issue. Trust the regulatory process.
Raphael
Smart business move by Sunoco. Expanding internationally is key for growth.
Muchacha
What happens if US interests conflict with Germany's? Our energy supply could be held hostage.