Oiltanking to sell stake in four storage terminals in Europe
Oiltanking has entered into an agreement to sell its 55% stake in four European liquid storage terminals to Evos through its entity Evos Finance B.V. Evos will also acquire the 45% stake in the terminals held by co-shareholder 3i Infrastructure plc. Financial details of the transaction were not disclosed.
The four terminals are Oiltanking Amsterdam B.V., Oiltanking Ghent N.V., Oiltanking Malta Limited and Oiltanking Terneuzen B.V., which collectively provide 3.8 million cubic meters (cbm) of liquid storage capacity and associated services to a diverse range of customers. The divestment of the four terminals is a result of Oiltanking’s strategic review to continuously optimize its asset portfolio. Oiltanking and 3i Infrastructure will continue as co-shareholders of Oiltanking Singapore Limited.
Shift in portfolio focus
“The divestment of our four European terminals is in line with Oiltanking’s strategy 2025 as we shift our portfolio and focus on gas, chemicals and new energy. Together with our partner 3i Infrastructure we have invested into the expansion and upgrading of our terminals and improved their environmental and safety performance. Driven by our commitment to apply a best-owner mindset we are confident the terminals are well placed to provide a perfect match with Evos’ asset portfolio,” Matti Lievonen, CEO of Oiltanking, said.
“We are proud of the skilled and committed teams at the terminals and the achievements we have made together with our partner 3i Infrastructure over the years. We are confident that Evos will continue to advance the terminals and we wish them every success in the future. We would like to thank our customers for their trust over the past years as well as thank our teams for their excellent performance in delivering safe and reliable services,” said Douglas van der Wiel, senior vice president, EMEA, Oiltanking.
The sale is subject to customary approvals by third parties. Completion of the transaction is expected to occur in the fourth quarter of 2021.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, an independent holding company in the energy and chemical sector. Oiltanking is one of the largest independent tank storage providers for gas, chemicals and petroleum products worldwide. The company owns and operates 45 terminals in 20 countries in the Americas, Europe, Middle East, Africa, and Asia-Pacific including China and India. Oiltanking has an overall storage capacity of more than 18.5 million cbm.