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.

Related images

  • Prostar Capital

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now