Equinor has entered into an agreement with Liwathon for the sale of the Equinor South Riding Point oil terminal at the Grand Bahama Island in the Bahamas, according to the company's release.
The terminal was purchased by Equinor in 2009 to enable the company to trade oil primarily originating from the American markets.
Liwathon will assume the responsibilities for the employees of South Riding Point. The transaction is approved by Bahamian authorities. Further commercial details on the transaction will not be disclosed.
Liwathon Group is an integrated logistics and investment business. The company currently operates four facilities in Estonia with a storage capacity of over one million m3. The company provides an extensive range of services in the area of handling, transport and storage of liquid fuels traded globally.
The South Riding Point terminal located at the Grand Bahama was commissioned in 1973 and was acquired by Equinor in 2009. The total storage capacity is 6,8 million barrels.
In September 2019, the South Riding Point terminal was in the direct path of Dorian, a violent category five hurricane, and sustained extensive damages including an oil spill which affected the terminal site and a forest area north-east of the terminal.
Since then, extensive clean-up operations have been performed by Equinor in close collaboration with Bahamian authorities. The clean-up operations outside the fence were concluded in March 2021 and extensive testing of the groundwater outside the terminal has shown no sign of hydrocarbon deposits.