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Prostar Capital has confirmed the 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 and has a total capacity of 350,000m3.
GTIF was one of several bulk liquid storage terminals owned by Prostar which has in excess of 24 million barrels (3.7 million m3) in storage capacity globally. Despite the sale, Prostar will remain active 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.
GTIF comprises 14 tanks, capable of storing 352,000m3 of black and white refined petroleum products. The facility is connected by six jetty lines providing access to nine main berths and two bunker barge berths.
Headquartered in Bahrain, with offices in Dubai and Singapore, M&M is an independent commodity trading business that offers trading, shipping, advisory, infrastructure asset management, field services and storage and bunkering services. Murtaza Lakhani, CEO and Group Founder at M&M, says: “We are 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.”
