Independent tank storage provider Oiltanking is to acquire Helios Terminal and its holding company Chemoil Storage after entering into an agreement for a 100% shareholding.
Helios' facility on Jurong Island will bring the number of Oiltanking's Singapore-based storage terminals to three.
Its existing terminals have a combined storage capacity of more than 1.7 million m3. The acquisition of the 503,000m3 Helios Terminal will 'further strengthen Oiltanking's market position for petroleum products in Singapore and Southeast Asia', the company said in a statement.
The purpose-built Helios storage terminal was commissioned in 2008 for the storage of fuel oil. It features a finger jetty with six berths that can handle up to two Suezmax-size vessels at once.
The transaction is subject to regulatory approvals.
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