The development of Prostar Capital’s GTI Statia (GTIS) terminal has just had an injection of $15m in co-investment capital from “an unnamed leading institutional infrastructure investor”.
GTIS currently has 60 commercial tanks with a total storage capacity of 14 million bbl, and its marine facilities can accommodate fully laden ULCC and VLCC vessels.
The investment in the terminal, which is on the island of St Eustatius, (a Dutch municipality in the Caribbean) builds on a previous commitment from the same investor, Prostar said. It added that the investor will acquire a minority stake in GTIS in return for the stake.
The news follows an announcement in March of this year, in which Prostar said it would invest up to $100 million to improve the GTIS terminal over the next two years, including tank upgrades and jetty and marine infrastructure improvements.
Prostar said the new investment will help to accelerate the work, “which will allow GTIS to continue to work at the highest safety standards and attract new customers”.
It added: “The improvements will increase the in-service capacity at the terminal, and improve flexibility by enabling the transition to low-sulphur marine fuel meeting IMO 2020 regulations.”
John Roller, president and CEO of GTI Statia, said: “This is a continuation of the capital improvement plan we put in place earlier this year. We are incredibly proud of the work we are doing with Prostar and our investors to add value to this terminal and transform it into an unparalleled facility to better serve the industry, our customers and the Statia community.”
For more information visit www.prostarcapital.com