GTI: more investment. File Image / Pixabay.
The GTI Statia storage terminal in the Caribbean has got more backing on top of the $100 million already secured for its development.
Prostar Capital has got $15 million from a leading institutional infrastructure investor which builds on a previous commitment from the investor, the company said.
The funds will "support ongoing efforts to expand and upgrade operations" including "tank refurbishments, marine infrastructure upgrades" at the terminal, it said.
Transitioning the facility to handle IMO2020 low-sulfur marine fuel is a key plank of the plan.
The ongoing support recognises "the strategic value of this terminal in the global energy trading value chain", Prostar Capital senior managing director Steve Bickerton said.
The terminal, which as 60 commercial storage tanks, is one of the biggest storage independents serving the US Gulf Coast.