A new liquids storage, terminalling and logistics company has been created by Hartree Partners and funds managed by Oaktree Capital Management.
Hartree Bulk Storage has been created with an initial equity commitment of up to $735 million. The new company will capitalise on the strong global demand for bulk liquids storage infrastructure via mergers & acquisitions, greenfield projects and joint venture partnerships.
The platform will provide independent solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, refined products, NGLs and other bulk liquids.
Hartree and Oaktree began their partnership in early 2015, when Oaktree funds purchased Hess Corporation's stake in Hess Energy Trading Company. Hartree Bulk Storage will develop safe and reliable storage solutions that offer flexible, multimodal connectivity.
Guy Merison, Hartree's co-founder, says: 'Hartree's deep understanding of the energy supply chain and local market dynamics, coupled with its ability to identify future market trends, will guide the ability of Hartree Bulk Storage to provide superior connectivity and optionality to its customers.
'Over the past two decades, Hartree has consistently utilised storage solutions for its trading business, and we believe that in partnership with Oaktree funds, Hartree Bulk Storage can develop a network of storage facilities with strategic importance to its customers.'
Rajath Shourie, managing director at Oaktree, adds: 'We are excited to build an integrated bulk storage and logistics solutions provider that leverages the unique market perspective of a commodity merchant.'
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