Chemoil to sell Helios Terminal
Marine fuels supplier Chemoil Energy has disposed 100% ownership of its Helios Terminal sited in Singapore for a consideration of $285m to Germany-based Oiltanking, Seatrade Asia online reports.
“The company believes that structural changes that have occurred in the marine fuels market will in the future favour an asset-light business model that is more able to respond quickly to volatility in volumes and margins. The proposed disposal is therefore being carried out to make more efficient use of the company's resources by re-allocating funds currently tied up in storage assets into businesses and working capital,” Chemoil said.
Singapore-listed Chemoil is expected to realise an estimated net gain of approximately $152.3m upon finalisation of the transaction. The completion date of the proposed deal will be 19 December 2012.
Chemoil first acquired the 448,000 cu m Helios Terminal for $100m in 2007.
The Helios Terminal capacity will add on to Oiltanking's current 1.3m cu m of storage in Singapore.