Asia/Pacific News
Oiltanking Sells 45% of Singapore Storage Terminal
Independent storage company Oiltanking GmbH (Oiltanking) says it has reached a deal with Macquarie Capital to sell 45 percent of the Helios fuel oil storage terminal on Jurong Island in Singapore.
Oiltanking bought the terminal, Helios Terminal Corporation Pte. Ltd., from Chemoil Energy Limited [AV5.SI] (Chemoil) last year for $285 million, and the storage company says it has been seeking a long-term partner for the facility.
Macquarie Capital brings an investment focus, access to capital, and financial market capabilities to the facility, Oiltanking said.
The terminal has a total shell capacity of 503,000 cubic meters (cbm) and 18 tanks and is capable of handling very large crude carriers (VLCCs).
Oiltanking, is a subsidiary of privately owned German petroleum company Marquard & Bahls AG, operates 73 terminals in 23 countries around the world.
When Chemoil sold the terminal it said it was adopting an "asset-light" bunkering business model.
Dow Jones Newswires reported at the time that big fuel oil traders in Asia, including BP Plc and Gunvor Group, were giving up tanks in Singapore to reduce their costs and adapt to changes in demand.
