UAE-based oil and gas logistics major Tristar Group has expanded its presence in the Jebel Ali Free Zone (JAFZA) following the acquisition of a Shell oil products storage terminal facility.
Shell Markets Middle East announced on Friday that it has completed the sale of its asset to Tristar. The full ownership of the Jafza facility has been transferred to Tristar effective today, July 1, 2022.
“[The asset transition] allows us to expand our presence in Jafza and our capacity [to serve customers], said Eugene Mayne, Tristar Group’s CEO.
Under the deal, Shell will continue to supply bitumen and lubricants products and services to its customers from the terminal. With the sale, Shell is expected to focus on its core operations and products, according to a statement.
(Writing by Cleofe Maceda; editing by Seban Scaria )