Prostar acquires $250m St Eustatius oil storage terminal from NuStar
Prostar Capital has agreed to buy the Saint Eustatius oil storage terminal facility from NuStar Energy for $250m (€289.8m).
The Saint Eustatius Terminal consists of 60 commercial tanks and associated deep water jetties and pipelines, with a total storage capacity of 2.3m cubic metres.
Steve Bickerton, senior managing director of Prostar, said the terminal facility has many ”key strategic advantages, including a location at the crossroads of global and regional oil trade” and long-term customer relationships with major global oil traders.
Bickerton added that the terminal’s ”strong local operations team and highly flexible infrastructure” allows for capacity expansion as growth opportunities arise.
Dave Noakes, senior managing director of Prostar, said: “The acquisition of the Saint Eustatius Terminal is consistent with Prostar’s sharply defined approach to creating value by acquiring, managing and improving the performance of middle market assets that are positioned to benefit from the global demand for energy.”
Brad Barron, president and CEO of NuStar Energy, said: “We are pleased that this sale allows us to re-deploy the sales proceeds here at home to continue to improve our financial metrics and fund our growth projects for our core business in North America.”
The deal is expected to close by the end of next month.