OTAL Deutschland GmbH (TOTAL Deutschland) and EUROPORTS Terminals Rostock GmbH have signed a sale and purchase agreement for TOTAL Deutschland’s shares in the joint venture Großtanklager-Ölhafen Rostock GmbH (GÖR), as well as the former Minol tank farm with land, tanks and real estate.
TOTAL Deutschland and EUROPORTS were previously equal shareholders of the joint venture, which was founded in 1996 to operate the large tank farm at the oil port of Rostock. TOTAL Deutschland plans to continue using the tank farm and has concluded storage handling contracts with EUROPORTS for a further ten years. All employees on site are employees of GÖR and therefore not affected by the change.
GÖR in the oil port of Rostock is an independent tank farm with a total capacity of around 700 000 m³ for the storage and handling of mineral oils, vegetable oils and other liquid goods. Besides the former Minol tank farm of TOTAL Deutschland and a tank farm of EUROPORTS, GÖR also operates the tanks of PCK Raffinerie GmbH Schwedt as well as the tanks of Dow Olefinverbund GmbH Böhlen on site.
Christian Cabrol, Managing Director of TOTAL Deutschland GmbH, said: “We would like to thank EUROPORTS for the good cooperation over the past years. Our two companies are united by a high standard of safety, quality and performance. The sale is in line with the group’s strategy of actively managing its asset portfolio. The long-term stock turnover contracts that have now been concluded testify to our confidence in a successful continuation of the cooperation.”
Frédéric Platini, Chairman of Euroports Group BV, said: “We are pleased to successfully extend the cooperation between EUROPORTS and TOTAL Deutschland for an additional 10 years and express our thanks to TOTAL Deutschland for the excellent collaboration through the joint venture over the last decades. With this new investment, EUROPORTS will strengthen its strategic position in Rostock in Germany and further diversify its operations into the liquid bulk sector. We are fully committed to continue to operate following the highest standard of safety and quality required by this industry.”
The completion of the sale is conditional upon the approval of the respective German authorities.
Read the article online at: https://www.tanksterminals.com/special-reports/06012021/total-deutschland-sells-gr-shares-to-euroports/