Prostar Capital closes acquisition of St Eustatius crude oil storage terminal in the Netherlands

Prostar Capital (Prostar), a private investment firm focused on midstream energy infrastructure assets, and NuStar Energy L.P. have announced the completion of Prostar's acquisition of an oil storage terminal facility located on the island of St. Eustatius, a Dutch island in the Caribbean. The US$250 million transaction was first announced in May 2019.

The terminal is a complementary acquisition for Prostar's existing storage terminal platform, Global Terminal Investments Ltd., which also owns Fujairah Oil Terminal FZC and GTI Fujairah FZC, both of which are located in the Port of Fujairah, UAE. The St. Eustatius terminal has been rebranded as GTI Statia under Prostar's ownership.

The GTI Statia terminal is strategically located along major shipping lanes serving US crude import and export markets, as well as the regional markets for fuel oil and refined petroleum products in the Caribbean and Latin America. The terminal consists of 60 commercial tanks with a total storage capacity of 2.3 million cubic meters (14 million barrels) and extensive marine infrastructure that can accommodate fully-laden VLCC and ULCC vessels.