Prostar Capital has announced the successful sale of its bulk liquid storage terminal facility, GTI Fujairah (GTIF), to Mercantile & Maritime Group (M&M).
GTIF is located in the Port of Fujairah, UAE, a major strategic energy trading port and one of the largest bunkering hubs in the world.
GTIF’s bulk liquid storage terminal has a total capacity of 350,000m3. For the last six years of Prostar’s ownership, GTIF has been consistently ranked as one of the leading operators in the Port.
Prostar’s senior managing director, Steve Bickerton, says; ‘Prostar is proud that GTIF consistently received top ratings for its strong service and customer satisfaction. Having delivered on our growth objectives during our ownership, we are pleased to be passing on the asset to M&M, which we expect will oversee the terminal’s continued growth.’
GTIF was one of the bulk liquid storage terminal assets owned by Prostar, in a portfolio built over the last decade that, in aggregate, comprises more than 24 million barrels (3.7 million m3) in storage capacity globally.
‘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,’ adds Murtaza Lakhani, CEO and group founder at M&M.