Posted on September 27, 2023
Prostar Capital today announced the successful sale of its bulk liquid storage terminal facility, GTI Fujairah to Mercantile & Maritime Group. GTIF is located in the Port of Fujairah, UAE, a major strategic energy trading port and one of the largest bunkering hubs in the world.
GTIF is a modern and highly flexible bulk liquid storage terminal, with a total capacity of 350,000m3. For the last six years of Prostar’s ownership, GTIF has been consistently ranked as one of the leading operators in the Port.
“Prostar is proud that GTIF consistently received top ratings for its strong service and customer satisfaction,” Prostar’s Senior Managing Director, Steve Bickerton, says. “Having delivered on our growth objectives during our ownership, we are pleased to be passing on the asset to the Mercantile & Maritime Group, who we expect will oversee the terminal’s continued growth.”
GTIF was one of the bulk liquid storage terminal assets owned by Prostar, in a portfolio built over the last decade that in aggregate comprises more than 24 million barrels (3.7 million m3) in storage capacity globally. Prostar will remain committed to the Port of Fujairah, as Dave Noakes, Senior Managing Director at Prostar, notes:
“Prostar will remain invested in the Port of Fujairah through its continued 40% ownership of GTIF’s neighbouring 1.2 million m3 bulk liquid storage facility, Fujairah Oil Terminal, which was the first terminal in the Port to store ultra-low sulfur fuel oil. We expect to work alongside the Mercantile & Maritime Group in continuing to grow the reputation of the Port as a major strategic energy trading hub for the region.”
Murtaza Lakhani, CEO and Group Founder at M&M says:
“The Mercantile & Maritime Group is excited to be acquiring one of the leading and most innovative terminal assets in the region, which also champions best practice environmental standards in oil storage. By increasing our presence in the Middle East, this acquisition, which illustrates our long-term direction and continued strategic portfolio expansion, provides the infrastructure for enhanced access to both growing and established markets.”
About GTI Fujairah
GTIF is a bulk liquid storage terminal located in the Port of Fujairah, UAE. It comprises 14 tanks and 2.2 million barrels, storing 352,000m3 of black and white refined petroleum products. GTIF is interconnected to all terminals in Fujairah, with 6 jetty lines providing access to 9 main berths and 2 bunker barge berths. The terminal has a capacity of 4,500 cbm/hour and 3,000 cbm/hour flow per line for black and white products, respectively. GTIF has its own power generation system, including solar, with a world-class health and safety track record overseen by a dedicated management team.
About Prostar Capital
Established in 2012, Prostar Capital is a private investment firm that owns energy infrastructure assets located in major trading regions that serve strong GDP growth and rising energy demand. Prostar’s investment strategy is supported by sound ESG principles and a focus on accelerating the world’s transition to net-zero carbon emissions. Prostar’s team is comprised of experienced professionals with decades of energy infrastructure investment and operational expertise. Prostar operates from offices in Greenwich, Hong Kong and Sydney. For more information, visit Prostar’s website at www.prostarcapital.com.
About Mercantile & Maritime Group
M&M is an independent commodity trading business that offers trading, shipping, advisory, infrastructure asset management, field services and storage and bunkering services. For over a decade, M&M has operated in both growing and established markets, and excelled in the physical trading of oil and gas, shipping and logistics for crude oil, and high-end consultancy services.
M&M is headquartered in Bahrain, and maintains offices in Dubai and Singapore. For more information, visit M&M’s website at www.mercantilemaritime.com.
