NEWS | Wednesday, 08 August 2007

3i poised to take stake in Oiltanking Malta

The Jersey incorporated investment company 3i Infrastructure has been identified as the preferred bidder for a 45% stake in Oiltanking Malta, Business Today can reveal
The Maltese government has recommended that Malta Freeport sell its 30% shareholding in Oiltanking Malta, for a consideration of €29.4m ($40.2m).
The sale is being undertaken jointly with Oiltanking of Hamburg, which is reducing its shareholding from 70% to 55%. The parties are currently negotiating the terms of the agreement.
Oiltanking Malta was established in 1989 by Malta Freeport and Oiltanking to develop a common user oil terminal with the Marsaxlokk Freeport area on a site leased from the freeport.
It operates tanks with a capacity of 486,000 cu m, which will increase to 526,000 cu m once two tanks currently under construction are completed later this year.
Malta Freeport will continue to regulate the activities of Oiltanking Malta as licensor and landlord.
Oiltanking of Hamburg, as the majority shareholder, will continue to be the managing and operating partner.
The terminal will continue with the present strategy to act as an independent tank storage provider for petroleum products. Oiltanking Malta has entered into a series of long-term agreements with international oil traders. About 550 tankers a year call at its Marsaxlokk plant.