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Oiltanking GmbH has today announced that it has entered into an agreement to acquire a 100% shareholding in Helios Terminal Corporation Pte. Ltd. and its holding company Chemoil Storage Limited, subject to regulatory approvals.

Located on Jurong Island in Singapore, the terminal has a total capacity of 503,000 cubic metres (cbm). Commissioned in 2008 it is a built-for-purpose fuel oil storage and blending facility. The terminal is equipped with a finger jetty with six berths that can handle up to two Suezmax-size vessels simultaneously.

Oiltanking is a subsidiary of Marquard & Bahls AG, Germany, a leading petroleum company, privately owned. It is the second-largest independent tank storage provider for petroleum products, chemicals and gases worldwide. The company owns and operates 73 terminals in 22 countries within Europe, North and South America, Middle East, India as well as Asia. It has an overall storage capacity of 19.7 million cbm.

Oiltanking already operates two terminals in Singapore with a combined storage capacity of more than 1.7 million cbm.

Commenting on the Helios Terminal agreement, Oiltanking said: "The acquisition will further strengthen Oiltanking’s market position for petroleum products in Singapore and Southeast Asia."