Prumo buys Oiltanking’s stake in Açu Petróleo

Prumo Logística, which runs the largest private port-industrial complex in Brazil, the Port of Açu, has bought out Oiltanking’s 20% share of terminal company Açu Petróleo, making it the sole shareholder.

Açu Petróleo operates the Port of Açu’s oil terminal (T-OIL). This transshipment terminal is the only private terminal in Brazil that can handle very large crude carrier (VLCC) class ships with a cargo capacity of up to 2 million bbl. It has three berths and a licence to move 1.2 million bbl of oil per day, and handles around 30% of Brazilian oil exports. Açu Petróleo recently launched a bond offer with raised US$600 million with a payment term until 2023, which will allow it to redesign its capital structure.

Prumo believes that Açu Petróleo has high potential for future growth due to the expected growth in Brazilian oil production from pre-salt blocks, as well as the location, draught and operational capacity of the terminal.

‘The decision to fully acquire the company demonstrates how much we believe in the strength of the business and in the quality of the team and assets, and demonstrates our priority in further supporting this growth, in a sustainable way. This is another step in the consolidation of Açu as one of the most important port-industry complexes in Latin America,’ says Tadeu Fraga, CEO of Grupo Prumo

(Source: Tank Storage Magazine)

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