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Odfjell sells stake in Oman tank terminal

Norwegian company Odfjell has announced that its tanker terminal joint venture Odfjell Terminals, has entered into an agreement to sell its 29.75% indirect  ownership in Oiltanking Odfjell Terminals & Co. in Oman for around $130m.

The transaction will bring a net gain of approximately $90m for Odfjell Terminals.

“We are pleased  to have concluded on the sale of our  Oman terminal at  what we believe  is a very  attractive valuation and is a testimony  to the  strength and  quality of  the investments made in Oman since 2008,”  said Kristian Mørch, ceo of Odfjell and chairman of Odfjell Terminals.

“We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam,” commented Frank Erkelens, ceo of Odfjell Terminals.

Odfjell Terminals is a joint venture between Odfjell SE (51%) and Lindsay Goldberg (49%), which currently owns ten terminals worldwide with a combined storage capacity of 4.8m cubic meters.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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