Prostar Capital today announced the successful sale of its bulk liquid storage terminal facility, GTI Fujairah (GTIF) to Mercantile & Maritime Group (M&M). GTIF is located in the Port of Fujairah, UAE, a major strategic energy trading port and one of the largest bunkering hubs in the world.
GTIF is a modern and highly flexible bulk liquid storage terminal, with a total capacity of 350,000m3. For the last six years of Prostar's ownership, GTIF has been consistently ranked as one of the leading operators in the Port.
"Prostar is proud that GTIF consistently received top ratings for its strong service and customer satisfaction," Prostar's Senior Managing Director, Steve Bickerton, says. "Having delivered on our growth objectives during our ownership, we are pleased to be passing on the asset to the Mercantile & Maritime Group, who we expect will oversee the terminal's continued growth."
GTIF 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 m3) in storage capacity globally. Prostar will remain committed to the Port of Fujairah, as Dave Noakes, Senior Managing Director at Prostar, notes:
"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. 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."
Murtaza Lakhani, CEO and Group Founder at M&M says:
"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. 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."