Oiltanking has expanded its investment in the port of Bandar Imam Khomeini in Iran with an additional stake in a storage terminal.
The company has acquired an additional stake of the indirect ownership in Exir Chemical Terminal PJSCo from Odfjell. This increases Oiltankings indirect stake from 35% to a majority share of 70%.
Odfjell received $6 million from the transaction.
The terminal, a joint venture between Oiltanking Odfjell and private Iranian investors, was commissioned in January 2010.
It is strategically located in the petrochemical special economic zone of Bandar Imam Khomeini and is connected by pipelines to jetties of the zone at the Persian Gulf and comprises 18 tanks with a capacity of 22,000 m3.
Despite the sanctions that were placed against Iran, it has been in continuous operation in spite of the difficult market conditions.
In a statement Oiltanking says: ‘Oiltanking considers the acquisition as a unique opportunity to build a majority stake in a state-of-the-art terminal.
‘While last year’s partial sanctions relief has not yet unlocked the country’s full potential, the location of the terminal provides a significant opportunity for expansion to capitalise on expected market developments.’