Prostar takes stake in China terminal

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Prostar takes stake in China terminal

Prostar Capital has agreed to acquire a 40 percent interest in a crude oil and refined product storage terminal near Shanghai for more than US$100 million.

The investment in the terminal on Zhoushan Island in Zhejiang Province, which is owned by Tyloo Oil and Gas International Holdings Corporation, is part of Prostar’s strategy to develop a portfolio of storage assets in Asia-Pacific.

With nearly 3 million cbm of storage the terminal has direct access via pipeline to some 20 percent of the country’s refining capacity.

Since commissioning in 2013, the terminal has been attracting customers, including Chinese state owned enterprises and global oil traders and has been operating close to 100 percent capacity utilization.

The investment is being made via a subsidiary of Global Terminal Investments Ltd (GTI), which is Prostar’s storage terminal investment company. GTI has a 40 percent interest in the 1.2 million cbm Fujairah Oil Terminal (FOT) in the United Arab Emirates.

Steve Bickerton, Prostar’s managing partner, said:

“This acquisition makes Prostar one of the largest private owners of storage capacity in the Asia-Pacific region with total capacity of more than 4 million cbm.

“The location of this terminal in an industrial heartland along with China’s growing domestic energy needs means there will be continuing and rising demand for storage from a range of major domestic and international customers. In addition, there is expansion potential on spare land next to the terminal.”

List of country news

Country news

  • June 20, 2016

    Trina Solar Announces Resignation of Chief Financial Officer

    Trina Solar Limited, a firm focused in photovoltaic modules, solutions, and services, has accepted the resignation of its chief financial officer, Ms. Teresa Tan. Read more
  • June 01, 2016

    Banpu Power to acquire 4 Chinese PV parks

    Banpu Public Company Limited, a mining and power company in Thailand, has recently announced that it will expand its business through the acquisition of four solar photovoltaic plants with a combined capacity of 78.5 MW in the Shandong province, China. Read more
  • June 01, 2016

    Everbright International wins Jinan waste-to-energy expansion project

    China Everbright International Limited has won the bid for Shandong Jinan No.2 Household Waste Integrated Treatment Plant Waste-to-energy expansion project in China. Read more
  • May 26, 2016

    Everbright International secures Hubei Shayang Biomass Power Generation Project

    China Everbright International Limited has secured the Shayang County Biomass Power Generation Project in Jingmen City, Hubei Province, China. Read more
  • May 20, 2016

    Everbright International wins Shandong Laiyang Waste-to-energy Project

    China Everbright International Limited has won the bid for Shandong Laiyang Household Waste-to-energy Project with a leading score in the overall bidding process. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.