Oiltanking further invests in Exir Chemical Terminal
Oiltanking GmbH has expanded its investment in the port of Bandar Imam Khomeini in Iran by acquiring an additional stake of the indirect ownership in Exir Chemical Terminal PJSCo. Through this transaction Oiltanking will increase its indirect stake from 35% to a majority share of 70%.
Exir Chemical Terminal, which was commissioned in January 2010, is a joint venture established between Oiltanking Odfjell GmbH and private Iranian investors. The facility is strategically situated in the Petrochemical Special Economic Zone (PETZONE) of Bandar Imam Khomeini. It is connected by pipelines to jetties of the PETZONE at the Persian Gulf and consists of 18 tanks and a capacity of 22,000 cbm.
Exir Chemical Terminal has been in continuous operation despite the difficult market conditions caused by the sanctions of recent years against Iran. Oiltanking considers the acquisition as a unique opportunity to build a majority stake in a state-of-the-art terminal. While last year’s partial sanctions relief has not yet unlocked the country’s full potential, the location of the terminal provides a significant opportunity for expansion to capitalise on expected market developments.
5th June 2017