M&M acquires UAE liquid storage terminal

Prostar Capital has sold its GTI Fujairah bulk liquid storage terminal in the UAE to Singapore’s Mercantile & Maritime Group, the US private investment company announced last Tuesday.

The facility contains 14 tanks and has the capacity to store 2.2 million barrels, or 352,000 cubic metres, of black and white refined petroleum products.

It is located at the Port of Fujairah in the northeast of the country on the Gulf of Oman. The port is one of the largest bunkering hubs in the world.

The terminal is connected to the port’s six jetty lines, which provide access to nine main berths and two bunker barge berths.

The asset has its own power generation system that includes solar panels.

The value of the transaction was not disclosed.

“The Mercantile & Maritime Group is 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,” Murtaza Lakhani, CEO and group founder at M&M, said.

“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.”