GENEVA, SWITZERLAND -- (Marketwire) -- 10/15/12 -- Mercuria Energy Asset Management B.V. ("MEAM") a wholly owned subsidiary of Mercuria Energy Group Limited ("Mercuria"), is pleased to announce the signing of binding agreements with Sinomart KTS Development Limited ("Sinomart"), a wholly owned subsidiary of Sinopec Kantons Holdings Limited ("Sinopec Kantons"), to form a new international joint venture in liquid bulk storage. The agreed transaction includes the sale of a 50% equity interest in Vesta Terminals B.V. ("Vesta Terminals") by MEAM to Sinomart.
At a ceremony today in Beijing, the Sale and Purchase Agreement was signed by Mr. Anton Klomp, Chief Executive Officer of Vesta Terminals and the Managing Director of Sinopec Kantons, in the presence of Mr. Paul Chivers, Group Head of Corporate Development, Mercuria and senior members of the Sinopec Group including the Deputy General Director of the Foreign Co-operation Office.
Vesta Terminals is a leading independent liquid bulk storage operator in Europe with a total of approximately 1.6 million cubic meters of petroleum products and biofuels capacity at three terminals in Antwerp, Flushing and Tallinn. Following transaction completion, which is subject to certain conditions precedent including satisfaction of relevant regulatory processes, Vesta Terminals will continue to provide storage services to existing and new third party customers alongside its new shareholders.
The partnership envisages the further expansion of Vesta Terminals' existing sites and the joint development of international projects.
Paul Chivers said "This transaction further underlines the significance Mercuria places on our relationships in China and the close international co-operation of Mercuria with the Sinopec Kantons group. Sinopec Kantons is an outstanding partner for Vesta Terminals and we see many exciting opportunities to jointly develop this business. The entry of Sinomart as a major shareholder in Vesta Terminals strongly supports Mercuria's strategic plans for the future, and for Vesta Terminals' employees and customers it represents a strong vote of confidence in the business."
Commenting on the transaction, Sinopec Kantons Group said "We sincerely hope that this project, in bringing the joint venture partners together, will achieve our common goal and maintain a win-win relationship in the future."
Bank of America Merrill Lynch were financial advisors to Mercuria on this transaction.
Mercuria is an international group of companies and one of the top five companies globally trading a wide spectrum of energy & commodity markets including crude oil and refined petroleum products, natural gas (including LNG), power, coal, base metals, biodiesel, and carbon emissions. In 2011 Mercuria had sales of over $75billion and has over 30 offices worldwide. In addition to its trading core, Mercuria owns up-stream and mid-stream assets ranging from oil reserves to infrastructure and storage terminals. It also has substantial investments in the upstream coal sector.
About Sinopec Kantons
Sinopec Kantons is a company incorporated in Bermuda with limited liability, with shares listed on The Stock Exchange of Hong Kong Limited (Stock Code: 934). Its principal activities are the trade of crude oil and petroleum products, the operation of crude oil terminals and their ancillary facilities, provision of logistic services including the storage, logistic, terminal services and the distribution of oil and oil products and international logistic agency services.
Mercuria Energy Group Ltd
+41 22 595 8855
Most Popular Stories
- Boehner Lashes Out Against Ted Cruz, Far Right
- TFA Recruiting DACA Recipients
- Cheap Gas Drives Down U.S. Wholesale Prices Again
- Bitcoin or Bad Coin? Warnings Mount Against Virtual Currency
- Expanding Medicaid Creates Jobs: Study
- Producer Price Index Dropped in November
- Robert Levinson Was on CIA Mission
- Beyonce Releases New Album With No Marketing
- Hawaii Official Who Release Obama Certificate Only Victim of Plane Crash
- 'Dreamers' Hope for Permanent Immigration Status