Industry players have been scrambling to secure tankage at the UAE’s Fujairah storage and bunkering hub over the past 18 months amid the recalibration of global trade flows following Russia’s invasion of Ukraine. Fujairah’s strategic location outside the Strait of Hormuz and midway between Europe and Asia has enabled it to capitalize on these dynamics (MEES, 23 September 2022).
This has made storage facilities at Fujairah highly profitable ventures, and Prostar Capital has decided to cash in on one of its two facilities at the terminal. The firm announced on 26 September that it has sold its 352,000m³ (2.2mn barrel) bulk liquid storage terminal facility, GTI Fujairah (GTIF) to Mercantile & Maritime Group (M&M) for an undisclosed sum. Prostar retains a 40% stake in the neighboring 1.18mn m³ Fujairah Oil Terminal (FOT) facility. (CONTINUED - 755 WORDS)