Liquids and bulk terminaling company, Zenith Energy, L.P. has signed an agreement to acquire a liquids storage terminal facility in Hamburg, Germany from Royal Dutch Shell plc. The transaction is expected to close in 1H18.
The terminal assets are located in the Port of Hamburg. The facility, which is located on 55 hectares, serves as a refined product import and blending terminal in North Germany with an expected storage capacity of over 480 000 m3/3 million bbls for gasoline, diesel and jet fuel; inbound and outbound ocean vessel, barge, rail and truck; and pipeline connectivity in the Port of Hamburg. After transferring ownership to Zenith, Shell will remain a significant customer of the terminal.
Acquisition of the Hamburg assets represents Zenith's third terminal in Europe following its acquisition of terminaling assets in Amsterdam from BP in April 2016 and of the Bantry Bay terminal in West Cork, Ireland, from Phillips 66 in February 2015. Zenith also operates a multi-product liquids terminal in Palermo, Columbia, formed through a joint venture with Grupo Coremar in 2014. In December 2017, Zenith Energy US completed its acquisition of Arc Logistics, marking Zenith's entrance into the US market.
"We are pleased to further Zenith's geographic expansion with the acquisition of these terminaling assets strategically located in the Port of Hamburg, one of the world's largest trading ports and a key terminaling centre for crude and refined products in Europe," said Jeffrey R. Armstrong, CEO of Zenith. "This is a natural progression in our growth strategy and underscores our commitment to expand into key European markets. We are excited to be working with Shell, a leader in the global oil and gas industry, and all of our customers in Hamburg, as well as welcoming our new colleagues in the region and further investing in the terminal facility."
Terms of the transaction were not disclosed.
Read the article online at: https://www.tanksterminals.com/storage-tanks/09012018/zenith-energy-acquires-shell-terminaling-assets/
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