EQT Infrastructure, an equity fund, has acquired a majority stake in Argos Terminals and plans to help develop the storage facility at Rotterdam Pernis Terminal.
Argos Terminals, a storage and terminal company, is currently the fourth biggest mineral oil storage terminal operator in the port of Rotterdam, owning 8% of the market.
Roland Pechtold, CEO, says: ‘As oil is increasingly being refined at the source, supply of refined products is growing steadily. Rotterdam is the main port and distribution centre for oil products in Europe and is more and more becoming an energy hub. With the joint support from EQT Infrastructure and Argos Group we will be able to greatly enhance our position and achieve further growth.’
The Argos site in Rotterdam covers 50 acres and has 650,000m³ of storage for a variety of oil products. However, the company plans to expand this to 1.5 million m³over the next few years, mainly by building new storage facilities.
Martin Rey, who is to become the chairman of the board of Argos Terminals, adds: ‘In the process of expanding and developing Argos Terminals, EQT Infrastructure will contribute capital as well as industrial experience and know-how. Through the investment in Koole Tanktransport in Rotterdam EQT Infrastructure is already in the oil storage business and the investment in Argos Terminals is a very important step for its growth strategy and commitment to this industry.’
The acquisition is scheduled for completion by the end of July, following approval from the Dutch Competition Authority (NMa) and completion of consultation with the unions.