Glencore has completed the sale of a 51% interest in HG Storage International (HGSI) to HNA Innovation Finance Group.
HGSI is a new entity that has consolidated Glencore's petroleum products storage and logistics businesses into a global portfolio of high-calibre assets, located in strategic trading hubs across Europe, Africa, the Middle East and the Americas.
Glencore and HNA has also interested into a second agreement, whereby three of the original transaction assets located in the US will be transferred into HGSI in 2018.
Of the original purchase price of $775 million, $579 million was closed at the end of December.
HGSI plans to expand its footprint globally through acquisitions and organic growth supported by its shareholders.
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