The deal envisages a long-term strategic partnership between the two companies. File Image / Pixabay
Global energy trader Vitol has signed a deal with Prostar Capital to run the bunker supply business at its GTI Statia terminal in the Caribbean, the companies said Tuesday.
The terminal has 60 commercial storage tanks with total capacity of 14 million barrels, and can accommodate fully-laden VLCCs, the companies said.
"Vitol is one of the largest energy traders in the world and is a significant customer at GTIS and at Prostar's other storage terminals globally," Dave Noakes, senior managing dirtector at Prostar Capital, said in the statement.
"This new initiative will strengthen our relationship with Vitol, and will be immediately accretive for both organizations while bringing significant value to GTIS' customer base in the regional bunker market."
In March Prostar announced it would be investing $100 million in the GTI Statia terminal to expand and upgrade operating capacity.