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Wed 17 Aug 2011, 16:36 GMT

French firm invests in Med fuel oil storage


Downstream specialist signs agreement to buy a stake in Mediterranean oil terminal.

Downstream petroleum operator Rubis says it has signed an exclusive negotiation agreement with Med Energy Holding of Lebanon to purchase a 50 percent stake in an oil terminal located in Ceyhan, Turkey, with the view to forming a joint venture with a local operator.

Located in the south-east region of Turkey, on the Mediterranean coast, Ceyhan lies at the hub of two pipelines: the Baku-Tbilisi-Ceyhan (BTC) pipeline, bringing crude oil from the Caspian Sea, and the Kirkuk-Ceyhan (KC) pipeline, which brings crude from Kirkuk in Iraq.

Rubis' plan for the new partnership is to build a 2.4 km jetty and expand the depot's total capacity to 1 million cubic metres (cbm). According to Rubis, this will give the company a competitive advantage in capturing expanding logistical demand in the region and positioning the depot as one of the most active in the local area.

Rubis said the depot initiative will enable the company to broaden its range of customers and fuel oil products stored as well as opening it up to the rapidly expanding local Turkish market.

Rubis said it will enter the partnership with an acquisition of shares and an injection of capital in order to provide the funds needed to 'realise the terminal's potential'. The estimated overall financial commitment from Rubis is USD 115 million.

"Having a strong and leading position in France with its network of coastal terminals and its more recent operations in Antwerp and Rotterdam, Rubis Group is enlarging its international base through this promising entry in the Mediterranean, accumulating a capacity of about 3 million cbm of storage in the near future," Rubis added.

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