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Brazilian firm Prumo Logística has signed a contract with Oiltanking to sell a 20 percent stake in the Açu Port Oil Terminal, located in São João da Barra, in the north of Rio de Janeiro state, for US$200 million.

Oiltanking will also be responsible for operating the terminal, which is licensed to handle up to 1.2 million barrels per day and has the capacity to receive very large crude carriers (VLCC). Oiltanking has valued the terminal at $1 billion.

Prumo Logística offers infrastructure solutions for the oil and gas industry, as well as areas for companies in the maritime and industrial sectors to install facilities at Açu Port. Prumo has been controlled by EIG Global Energy Partners since 2013.

Açu Port began operations in 2014 and includes a total area of 90 square metres spread across two terminals: Terminal 1 (T1 offshore terminal) and Terminal 2 (T2 onshore terminal).

T1 is dedicated to loading iron ore and petroleum, with berths built along a 3-kilometre quay and which can receive ships with draughts of up to 24 meters. T1 also includes an oil storage project and other onshore oil services.

Açu Port Oil Terminal is due to begin operations in August 2016. Recently, Prumo Logística signed a contract with BG for the transshipment of oil, with average volume of 200,000 barrels per day (bpd). The contract is for 20 years and establishes that, within 18 months of the contract's signing, BG will have the option to increase the quantity of its take-or-pay contract to 320,000 bpd.

T2 is a terminal built around a shipping canal that is 6.5 kilometres long, 300 meters wide and up to 14.5 meters deep. Technip, National Oilwell Varco (NOV), and Wärtsilä are already operating at T2. The Multicargo Terminal began operations in July with the shipment of bauxite for Votorantim. Edison Chouest Offshore (ECO), which is building the world's biggest offshore supply base at the port, with 15 berths, already signed a contract with Petrobras to operate 6 berths at its terminal.

In addition, BP and Prumo Logística recently set up a 50-50 joint venture to sell marine fuel to ships at the port.

Eduardo Parente, CEO of Prumo, commented last week: "We had a lot of new developments in the last months which enhance Açu Port. Edison Chouest early exercised its options, signing a contract with Petrobras and announcing that its offshore services supply base, which will be the largest in the world, will begin operations in November. BG brought its oil transshipment operations to Açu, and Oiltanking valued the terminal as US$1 billion. We aligned our debt profile to our cash flow by extending it to 18 years, with a four-year grace period. We signed a contract and started bauxite operations with the Votorantim group. It's the recognition, by many world-class companies, of Açu Port's competitive advantages."