Prostar Capital proudly announces the successful sale of its cutting-edge bulk liquid storage terminal, GTI Fujairah (GTIF), to the esteemed Mercantile & Maritime Group (M&M). Nestled within the prominent Port of Fujairah, UAE, a pivotal global energy trading hub and a bunkering giant, GTIF marks a strategic asset in the heart of this bustling maritime center.
Prostar sells GTI Fujairah
GTIF, a state-of-the-art bulk liquid storage terminal boasting a remarkable capacity of 350,000m3, has consistently earned top rankings as a Port leader during its six-year tenure under Prostar’s ownership.
Steve Bickerton, Senior Managing Director at Prostar, comments, “Prostar takes great pride in GTIF’s unwavering commitment to delivering exceptional service and customer satisfaction. With our growth objectives fully realized during our stewardship, we are delighted to pass the torch to Mercantile & Maritime Group, confident in their ability to drive further expansion for the terminal.”
As one of Prostar’s bulk liquid storage terminal assets, GTIF adds to a decade-long portfolio encompassing over 24 million barrels (3.7 million m3) of global storage capacity. Prostar remains firmly committed to the Port of Fujairah, as emphasized by Dave Noakes, Senior Managing Director at Prostar:
“Prostar’s enduring investment in the Port of Fujairah persists through our continued 40% ownership of the adjacent Fujairah Oil Terminal, with a substantial 1.2 million m3 storage capacity. We anticipate collaborating closely with Mercantile & Maritime Group to elevate the Port’s reputation as a paramount energy trading hub for the region.”
Murtaza Lakhani, CEO and Group Founder at M&M, shares his excitement about this strategic acquisition:
“The Mercantile & Maritime Group is thrilled to acquire one of the region’s foremost and most innovative terminal assets, distinguished for its commitment to best-practice environmental standards in oil storage. This expansion into the Middle East reinforces our long-term strategic direction and portfolio growth, providing enhanced access to both burgeoning and established markets.”
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Source: Prostar Capital