Børsen reports that Torben Østergaard-Nielsen, an oil Tycoon from Funen, is raising a phoenix from the ashes of what was previously Denmark’s second-biggest company – the now defunct OW Bunker.

READ MORE: OW Bunker reeling from massive fraud case

Østergaard-Nielsen, who is the ultimate owner of OW Bunker’s parent company Bunker Holdings, is taking on some of the former employees of the marine fuel giant’s OW Supply and Trading division for the new company, Unioil Supply, which will be based in Aalborg.

Sights on Scandinavia
“They all have a unique insight into running and optimising oil stocks and were responsible for OW Bunker's physical set-up in Denmark and the Nordic countries,” Keld R Demant, the head of Bunker Holdings, said in a press release.

Bunker Holdings has until now not been involved in the physical delivery of fuel. It has concentrated on purchasing, selling and distributing without delivering directly to ships. Unioil Supply will perform this function, as OW Bunker previously did.

Unioil aims to become the biggest physical supplier of marine fuel in Scandinavia.