Private investment firm Prostar Capital has obtained US$15 million (€12.8 million) in co-investment capital from an unnamed ‘leading institutional infrastructure investor, towards the development of its GTI Statia (GTIS) terminal on the island of St Eustatius, a Dutch municipality, in the Caribbean.
Prostar says that the investment builds on a previous commitment from the investor, and in return, the investor will acquire a minority stake in GTIS.
Prostar announced in March 2020 that it would invest up to US$100 million to improve the GTIS terminal over the next two years, including tank upgrades and jetty and marine infrastructure improvements. The new investment will help to accelerate the work, which will allow GTIS to continue to work at the highest safety standards and attract new customers. The improvements will increase the in-service capacity at the terminal, and improve flexibility by enabling the transition to low-sulphur marine fuel meeting IMO 2020 regulations.
‘This is a continuation of the capital improvement plan we put in place earlier this year. We are incredibly proud of the work we are doing with Prostar and our investors to add value to this terminal and transform it into an unparalleled facility to better serve the industry, our customers and the Statia community,’ says John Roller, president and CEO of GTI Statia.
At present, GTIS has 60 commercial tanks with a total storage capacity of 14 million bbl, and its marine facilities can accommodate fully laden ULCC and VLCC vessels.
In June 2020, Prostar signed a new deal with Vitol to operate the marine fuel bunker supply business at GTIS.