Australia’s Prostar Capital has purchased a storage terminal in the UAE, according to Reuters citing sources.
The Socar Aurora Fujairah Terminal is a joint venture between the Azerbaijani state oil company, a Swiss commodity house and Fujairah’s government. The size of the deal is not yet known and neither Prostar nor Socar Aurora has commented on the acquisition.
The terminal is made up of 14 operational storage tanks with a total capacity of 352,000 cubic metres. Another 12 tanks are being built.
Prostar already owns a 40% stake in the Fujairah Oil Terminal. The company, established in 2012, has more than $300mn under management.
