Oiltanking GmbH
Posted: 8 December 2004
Acquires stake in UAE-based Star Energy Resources
-Partnership to tap growing demand for bulk liquid storage facilities in the Middle East-
Oiltanking GmbH, one of the world’s leading independent storage providers for petroleum products, chemicals and gases, has acquired a shareholding in UAE-based Star Energy Resources Ltd., a Star Energy Corporation group company.
Star Energy Resources owns and operates a state-of-the-art terminal at Jebel Ali, centred on the world's largest man made harbour. It has a storage capacity in excess of 610,000 cubic metres (3.84 million barrels) and caters to a whole range of petroleum products and easy chemicals. It’s strategic location and dedicated deepwater berths make it an ideal terminalling hub for breaking-bulk, transhipments and redistribution for the Middle East , the Indian subcontinent and East Africa , as well as consolidation of cargoes bound for destinations further afield. Coupled with Dubai 's excellent on-shore infrastructure, the terminal provides safe, swift and cost efficient turnarounds.
The terminal will be re-branded “Star Energy Oiltanking” and shall be managed in line with the standards of Oiltanking. Star Energy Oiltanking will be responsible for developing new business opportunities in the field of bulk liquid storage and terminal facilities in the region.
Announcing the partnership between Oiltanking GmbH and Star Energy Corporation Ltd., Mr. Abdulla Nasser Hawaileel, Vice Chairman, Star Energy Corporation, said “The emergence of the UAE as the leading regional hub for trade and commerce has led to a tremendous growth in the market for bulk liquid storage facilities. Our partnership with Oiltanking which is a global leader in this field, will lead to Star Energy Oiltanking being in a prime position to capitalise on this vast and growing market opportunity”.
“We are pleased to partner in this venture, with the Middle East ’s foremost independent supplier of petroleum storage and blending services. Star Energy has built an enviable reputation in the region and we believe that our investment in Star Energy recognises the company as one with high potential for expansion. We see immense potential for growth from this region and are happy to be provided with an opportunity to enter this market at this time via our investment in Star Energy Resources” said Mr. Wim Lokhorst, Chairman, Oiltanking GmbH.
Oiltanking is a subsidiary of Marquard & Bahls AG ( Hamburg , Germany ) and is the second largest independent storage provider worldwide for petroleum products, chemicals and gases. Oiltanking owns and operates 71 terminals in 19 countries in Europe , North and South America and Asia and has an overall capacity of over 10 million cubic metres.
Posted by Alexander Lindsay, Editor Pipeline Magazine
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