Prax Terminals has successfully acquired Shell’s Jarrow fuels terminal in Newcastle, UK.
State Oil announced that its subsidiary Prax Terminals acquired the 40.000 m3 terminal, which stores diesel, gasoil, kerosene, petroleum and aviation fuel.
State Oil’s managing director Sajeev Kumar says: ‘This acquisition represents the group’s continuing aspiration to procure future strategic storage assets in the UK and globally.
‘These acquisitions will provide the group with the power to maximise market movements, to exploit arbitrage opportunities and will provide synergies between the wholesale and trading arms of the group.
‘Ultimately, it will differentiate the group from a simple and singular oil trading business and is another milestone in the group’s resolute ambition to become a leading and dominant global oil business supported by a portfolio of storage assets.’