Singapore-headquartered commodities trader Mercantile & Maritime has acquired Prostar Capital’s bulk liquid storage terminal facility at Port of Fujairah in the UAE.
Investment firm Prostar Capital, which has owned GTI Fujairah (GTIF) for the past six years, said it sold the 350,000m3 flexible bulk liquid storage terminal without disclosing any financial details.
Prostar Capital’s senior managing director Steve Bickerton said: “Having delivered on our growth objectives during our ownership, we are pleased to be passing on the asset to the Mercantile & Maritime Group, who we expect will oversee the terminal’s continued growth.”
Dave Noakes, senior managing director at Prostar Capital, said Prostar will remain invested in the Port of Fujairah through its continued 40% ownership of GTIF’s neighbouring 1.2m m3 bulk liquid storage facility, Fujairah Oil Terminal, which was the first terminal in the port to store ultra-low sulfur fuel oil.
“We expect to work alongside the Mercantile & Maritime Group in continuing to grow the reputation of the Port as a major strategic energy trading hub for the region.”
Murtaza Lakhani, CEO and group founder at Mercantile & Maritime 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.”
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