Mercuria and Sinopec Kantons Establish a New International
Partnership in Liquid Bulk Storage
GENEVA, SWITZERLAND -- (Marketwire) -- 10/15/12 -- Mercuria Energy
Asset Management B.V. ("MEAM") a wholly owned subsidiary of Mercuria
Energy Group Limited ("Mercuria"), is pleased to announce the signing
of binding agreements with Sinomart KTS Development Limited
("Sinomart"), a wholly owned subsidiary of Sinopec Kantons Holdings
Limited ("Sinopec Kantons"), to form a new international joint
venture in liquid bulk storage. The agreed transaction includes the
sale of a 50% equity interest in Vesta Terminals B.V. ("Vesta
Terminals") by MEAM to Sinomart.
At a ceremony today in Beijing, the Sale and Purchase Agreement was
signed by Mr. Anton Klomp, Chief Executive Officer of Vesta Terminals
and the Managing Director of Sinopec Kantons, in the presence of Mr.
Paul Chivers, Group Head of Corporate Development, Mercuria and
senior members of the Sinopec Group including the Deputy General
Director of the Foreign Co-operation Office.
Vesta Terminals is a leading independent liquid bulk storage operator
in Europe with a total of approximately 1.6 million cubic meters of
petroleum products and biofuels capacity at three terminals in
Antwerp, Flushing and Tallinn. Following transaction completion,
which is subject to certain conditions precedent including
satisfaction of relevant regulatory processes, Vesta Terminals will
continue to provide storage services to existing and new third party
customers alongside its new shareholders.
The partnership envisages the further expansion of Vesta Terminals'
existing sites and the joint development of international projects.
Paul Chivers said "This transaction further underlines the
significance Mercuria places on our relationships in China and the
close international co-operation of Mercuria with the Sinopec Kantons
group. Sinopec Kantons is an outstanding partner for Vesta Terminals
and we see many exciting opportunities to jointly develop this
business. The entry of Sinomart as a major shareholder in Vesta
Terminals strongly supports Mercuria's strategic plans for the
future, and for Vesta Terminals' employees and customers it
represents a strong vote of confidence in the business."
Commenting on the transaction, Sinopec Kantons Group said "We
sincerely hope that this project, in bringing the joint venture
partners together, will achieve our common goal and maintain a
win-win relationship in the future."
Bank of America Merrill Lynch were financial advisors to Mercuria on
Mercuria is an international group of companies and one of the top
five companies globally trading a wide spectrum of energy & commodity
markets including crude oil and refined petroleum products, natural
gas (including LNG), power, coal, base metals, biodiesel, and carbon
emissions. In 2011 Mercuria had sales of over $75billion and has over
30 offices worldwide. In addition to its trading core, Mercuria owns
up-stream and mid-stream assets ranging from oil reserves to
infrastructure and storage terminals. It also has substantial
investments in the upstream coal sector.
About Sinopec Kantons
Sinopec Kantons is a company incorporated in Bermuda with limited
liability, with shares listed on The Stock Exchange of Hong Kong
Limited (Stock Code: 934). Its principal activities are the trade of
crude oil and petroleum products, the operation of crude oil
terminals and their ancillary facilities, provision of logistic
services including the storage, logistic, terminal services and the
distribution of oil and oil products and international logistic
Mercuria Energy Group Ltd
+41 22 595 8855
Press spacebar to pause and continue. Press esc to stop.