Prostar Capital sells oil storage terminal at Fujairah to M&M

Asia-Pacific-based private equity player Prostar Capital has sold bulk liquid storage terminal GTI Fujairah (GTIF) to energy trader Mercantile & Maritime Group (M&M) , according to a press release. GTIF is located in UAE’s Fujairah Port — which is among the world’s largest bunkering hubs — and has a capacity of some 350k cubic meters.

What M&M said: “By increasing our presence in the Middle East, this acquisition, which illustrates our long-term direction and continued strategic portfolio expansion, provides the infrastructure for enhanced access to both growing and established markets," CEO and Group Founder at M&M Murtaza Lakhani said in statements carried by the release.

This doesn’t mark Prostar’s complete exit from Fujairah: It still owns 40% of GTIF's neighboring 1.2 mn [cubic meter] bulk liquid storage facility, Fujairah Oil Terminal, Senior Managing Director Dave Noakes said in statements carried by the release.