Zenith Energy has acquired the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66. Terms of the transaction were not disclosed.
The terminal, located on Whiddy Island in Bantry Bay, has a storage capacity of over 8 million barrels and one of the largest and deepest drafts in Europe, holding a portion of Ireland’s strategic petroleum reserves. Zenith intends to continue operating the terminal on a commercial basis.
Zenith CEO Jeffrey R Armstrong commented: “We are pleased to have acquired the Bantry Bay Terminal, which serves as a critical commercial link in northwest Europe for crude and refined products. The terminal’s attractive deepwater location on Bantry Bay enables our customers to take advantage of many trade opportunities, and the terminal will remain an important part of Ireland’s strategic petroleum reserve.”
The acquisition will strengthen Zenith’s footprint and add to the company’s growth following Zenith and Grupo Coremar’s June 2014 announcement of the award of a contract for the construction of the first phase of a new, multi-product liquids terminal in Palermo, Colombia.