Up to $100 million will be invested by Connecticut-based private investment company GTI Statia, to upgrade and expand its newly acquired oil storage terminal in the Caribbean, according to Kallanish Energy.

The terminal, acquired last July from NuStar Energy, will be able to handle some of the largest oil tankers in the world. Prostar acquired the terminal for $250 million. Prostar Capital said the money will be invested by GTIS on the Dutch island of St. Eustatius, which is designed to serve additional Very Large Crude Carriers (VLCCs). 

Prostar has more than 24 million barrels of crude storage capacity at its three storage terminals.

These funds will be invested over the next two years “on tank upgrades and jetty and marine infrastructure improvements to handle new and existing customers”, it said in a statement. 

The project is designed to take advantage of emerging regional and global trends in the oil market, the company said in a statement. The improvements will also allow the company to provide bunkering services to cruise and cargo customers throughout the Caribbean.

GTIS is a major provider of make- and break-bulk services to customers seeking to move oil by VLCC in and out of the US Gulf Coast as well as to end markets in the Asia Pacific. 

This is one of the largest independent crude and refined products storage terminals, serving the US Gulf Coast, Latin America and the Caribbean. The existing terminal has 60 commercial tanks with a total storage capacity of 14 million barrels and extensive marine infrastructure that can handle ULCC and VLCC vessels.

For more information visit www.prostarcapital.com

14th March 2020