UAE oil Products Terminal Sold to New Owner

by Ship & Bunker News Team
Tuesday February 20, 2024

Control of the Hamriyah oil products terminal in the United Arab Emirates has changed hands  following its sale to Paragon Capital.

Global Energy Storage, which started building the terminal in 2018, said the sale went through its Singapore subsidiary, GPS Innova Singapore.

A subsidiary of that firm, SRS Middle East FZE, owned all the share capital that has now been sold to Paragon Capital. 

"The transaction reflects GES's commitment to enhancing shareholder value and further strengthening its position as a leader in the global energy storage industry," the company said in a statement.

The Sharjah-based terminal has a storage capacity of 179,000 cubic metres for petroleum products and petrochemicals across some 26 tanks.