Prostar Capital says that the investment in its GTI Statia storage terminal is from a leading – but unnamed – infrastructure investor who is also a acquiring a minority stake in the facility.
According to a statement sent to Bunkerspot, the funding ‘builds on a previous commitment from the investor’.
Prostar says the capital injections will help accelerate its $100 million investment programme, announced in March, to improve the storage terminal over the next two years. Planned improvements include tank refurbishments and marine infrastructure upgrades, as well as the provision of storage for IMO 2020-compliant low sulphur marine fuels.
As previously reported by Bunkerspot, in June this year, Prostar Capital and Vitol inked a long-term strategic agreement whereby the energy trader will run the marine fuel supply business at the GTI Statia terminal. Under the terms of this deal, GTI Statia (GTIS) continues to provide the storage, services and logistics infrastructure at the terminal.
GTIS is one of the largest independent crude and refined product storage terminals serving the US Gulf Coast and Caribbean markets and is a key player in the bunker fuel market.
GTIS was acquired by Prostar from NuStar Energy in July 2019 and has 60 commercial tanks with a total storage capacity of 14 million barrels (2.3 million cubic metres) and extensive marine infrastructure that can berth fully-laden ULCC and VLCC vessels.