StatoilHydro buying Bahamas terminal for $263 million

Norwegian oil and gas major StatoilHydro has signed an agreement with World Point Terminals Inc to buy the South Riding Point crude oil storage and transshipment terminal on Grand Bahama Island for $263.2 million.
“The acquisition is a strategic move which supports StatoilHydro's global growth ambition. It will strengthen StatoilHydro's marketing and trading position in North America by securing full terminal capacity,” said executive vice-president for manufacturing and marketing Jon A Jacobsen.

Jacobsen added that StatoilHydro plans to “upgrade the terminal to allow for blending of all types of crude oils, including heavy oils.”

StatoilHydro anticipates receiving all required governmental approvals during the third quarter of 2009 and closing the transaction prior to year-end 2009.

South Riding Point has 10 storage tanks with a combined capacity for 6.75 million barrels and two berths including one that can handle VLCCs.

The acquisition of South Riding Point terminal includes the crude oil storage and transhipment facility and World Point’s 50% interest in the Freepoint Tug and Towing Service tug boat business, both located on Grand Bahama Island.
The terminal is located on property leased from a corporation controlled by the government of the Bahamas.

 

Source: Port News