Gulf Oil and Gas accountACCOUNT

First Reserve Sells Equity Stake in BORCO to Buckeye

Source: www.gulfoilandgas.com 12/20/2010, Location: South America

First Reserve Corporation (First Reserve), the world’s leading private investment firm in the energy industry, announced that it has sold its 80% equity interest in the Bahamas Oil Refining Company oil storage terminal (BORCO) to Buckeye Partners, L.P. (Buckeye) for $1.36 billion.

First Reserve and Vopak, the world’s largest tank terminal operator, acquired the BORCO oil storage terminal in Freeport, Bahamas, in April 2008 as a strategic joint venture. The equity of the company was split 80%/20% between affiliates of First Reserve Fund XI, L.P. and Royal Vopak, respectively. Full terms of the transaction were not disclosed.

“Our investment in BORCO has provided significant value for our strategic partners and investors. During our three-year investment period, we have worked with Vopak to make significant upgrades to the facility’s infrastructure, diversified Borco’s product offerings, and have worked with the management team to create an operating center of excellence,” said Tim Day, Managing Director at First Reserve. “The terminal is a strategic hub for some of the world’s major oil companies and provides them with superior facilities for storage and distribution services. Vopak has been a great partner and with Buckeye’s acquisition of our 80% interest, BORCO is well positioned for future growth and continued success.”

Raymond Jones, Managing Director of BORCO, said, “Buckeye is a welcomed investor that will provide long-term support for the tremendous infrastructure improvements and expansion achieved to date. The infusion of capital, along with Vopak’s continued interest, will enable BORCO to progress through its next phase of growth and which will provide additional economic benefits to the Bahamas and the region.”

BORCO is a 21.6 million barrel storage terminal for crude oil, fuel oil and multiple petroleum products in Freeport, Bahamas, just 80 miles east of the coast of Florida. In addition to storage, BORCO offers blending, trans-shipment and bunkering services. BORCO is the largest storage terminal in the Caribbean, and its deepwater jetty facilities can berth the largest-sized vessels.

The transaction is expected to close in January of 2011 and is contingent upon the receipt of satisfactory regulatory approvals from the Government of the Bahamas.

Mergers and Acquisitions News in Bahamas >>

Japan >>  5/15/2019 - Marubeni Corporation (Marubeni”) hereby announces a merger (hereinafter, “this Merger”) of two Marubeni subsidiaries: Marubeni Wireless Communicatio...
Thailand >>  5/15/2019 - Sparrows Group has selected Thai service and supply company J. S. Technical Services Co., Ltd. (JST) to act as their sole agent in the Kingdom. ...

United Kingdom >>  5/15/2019 - Talon Petroleum Limited (Talon) is pleased to advise that it has completed the acquisition of EnCounter Oil Limited. Accordingly, Talon now holds 100%...
United States >>  5/14/2019 - Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhone Capital, and Schlumberger jointly announced that they have entered into ...

United Kingdom >>  5/13/2019 - Aqualis ASA (Aqualis) and Braemar Shipping Services plc (Braemar) entered into an agreement whereby Aqualis will acquire three business lines (Adjusti...
Iraq >>  5/9/2019 - Iraq is planning a $53 billion mega project with global energy giants ExxonMobil and PetroChina to use seawater from the Persian Gulf to boost oil pro...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Bahamas Oil & Gas 1 >> 

More News

Related Links

AR BM BO BR BS BZ CL CO CU EC FK GY HN JM MX NF NI PA PE TT UY VE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.