Liquids and bulk terminaling company, Zenith, announced that it has signed an agreement to acquire a liquids storage terminal facility in Hamburg, Germany from Royal Dutch Shell. The transaction is expected to close in the first half of 2018.
The terminal is located in the Port of Hamburg, and serves as a refined product import and blending terminal in North Germany with an expected storage capacity of over 480 thousand cubic meters / 3.0 million barrels for gasoline, diesel and jet fuel.
After transferring ownership to Zenith, Shell will remain a significant customer of the terminal.
After the acquisition of the Hamburg assets, Zenith’s will have a third terminal in Europe following its acquisition of terminaling assets in Amsterdam from BP in April 2016 and its acquisition of the Bantry Bay terminal in West Cork, Ireland from Phillips 66 in February 2015.
Furthermore, Zenith manages a multi-product liquids terminal in Palermo, Columbia, formed through a joint venture with Grupo Coremar in 2014. In December 2017, Zenith Energy U.S. completed its acquisition of Arc Logistics, marking Zenith’s entrance into the U.S. market.
Jeffrey R. Armstrong, Chief Executive Officer of Zenith, mentioned: “We are pleased to further Zenith’s geographic expansion with the acquisition of these terminalling assets strategically located in the Port of Hamburg, one of the world’s largest trading ports and a key terminaling center for crude and refined products in Europe.”