Odfjell Sells Share in Omani Tank Terminal

OOTO; Illustration The Netherlands-headquartered terminal owner and operator Odfjell Terminals B.V. (OTBV) has entered into an agreement to sell its 29.75% indirect ownership in Oiltanking Odfjell Terminals (OOT) in Oman for USD 130 million. The transaction is expected to result in a net gain of around USD 90 million for OTBV. Frank Erkelens, CEO of OTBV, said: 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. Oiltanking Odfjell Terminal Oman (OOTO) is a joint venture agreement (JVA) between Odfjell Terminals (29.75%), Oiltanking (29.75%) and Oman Oil (25%), and is situated in the petrochemical hub of Sohar Industrial Port, located at the entrance to the Middle East Gulf. The terminal has six berths, capable of handling ships from 1,000 up to 107,000 dwt. Operational since 2008, the terminal consists of 66 tanks and has a capacity of 1,29 million cubic meters.