Muscat - Odfjell, the ship-owning and tank terminals-owning group based in Bergen, Norway, has announced that its tanker terminal joint venture Odfjell Terminals, has entered into an agreement to sell its 29.75 per cent indirect ownership in Oiltanking Odfjell Terminals & Co at Sohar Port & Freezone for around $130 million. The transaction will bring a net gain of approximately $90m for Odfjell Terminals. “We are pleased to have concluded on the sale of our Oman terminal at what we believe is a very attractive valuation and is a testimony to the strength and quality of the investments made in Oman since 2008,” said Kristian Mørch, CEO of Odfjell and Chairman of Odfjell Terminals.
“We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam,” commented Frank Erkelens, CEO of Odfjell Terminals. Oiltanking Odfjell Terminal Oman is a joint venture agreement (JVA) between Odfjell Terminals (29.75pc), Oiltanking (29.75pc) and Oman Oil Company (25pc). Commissioned in 2008, the liquid storage terminal has a total capacity approaching 1,300,000 m3 for storage of petroleum, chemicals and liquid gas cargoes in a total of 66 tanks ranging in size from 700 to 55,000m3.
Strategically positioned at the entrance to the Arabian Gulf (outside the Strait of Hormuz), the terminal is ideally located to support trade and cargo flows within the Middle East region as well as export flows from the Gulf to other continents and regions. Flexible systems and piping layouts, combined with high pumping rates and six deep water berths assures customers of fast/efficient ship turnaround.
© Oman Daily Observer 2016
