Prostar Capital has announced the sale of its bulk liquid storage terminal facility GTI Fujairah (GTIF) to Mercantile & Maritime Group (M&M).
GTIF is located at the Port of Fujairah in the United Arab Emirates, a major strategic energy trading port and one of the world’s largest bunkering hubs.
It was one of the bulk liquid storage terminal assets owned by Prostar in a portfolio built over the last decade that in aggregate comprises more than 24 million barrels (3.7 million cubic metres) in storage capacity globally.
"Prostar will remain invested in the Port of Fujairah through its continued 40% ownership of GTIF's neighbouring 1.2 million m3 bulk liquid storage facility, Fujairah Oil Terminal, which was the first terminal in the port to store ultra-low-sulfur fuel oil," says Dave Noakes, senior managing director at Prostar. "We expect to work alongside the Mercantile & Maritime Group in continuing to grow the reputation of the port as a major strategic energy trading hub for the region."
"The Mercantile & Maritime Group is excited to be acquiring one of the leading and most innovative terminal assets in the region, which also champions best practice environmental standards in oil storage," says Murtaza Lakhani, group founder and chief executive officer of M&M. "By increasing our presence in the Middle East, this acquisition, which illustrates our long-term direction and continued strategic portfolio expansion, provides the infrastructure for enhanced access to both growing and established markets."
GTIF is a bulk liquid storage terminal comprising 14 tanks and 2.2 million barrels, storing 352,000 cubic metres of black and white refined petroleum products. The facility is interconnected to all terminals in Fujairah, with six jetty lines providing access to nine main berths and two bunker barge berths. GTIF has its own power generation system, including solar.
Established in 2012, Prostar Capital is a private investment firm that owns energy infrastructure assets. The firm operates from offices in Greenwich, Hong Kong and Sydney.
Mercantile & Maritime Group is an independent commodity trading business that offers trading, shipping, advisory, infrastructure asset management, field services, and storage and bunkering services. For over a decade, M&M has operated in both growing and established markets in the physical trading of oil and gas, shipping and logistics for crude oil, and high-end consultancy services. M&M is headquartered in Bahrain, and maintains offices in Dubai and Singapore.