Equinor Sells Oil Terminal in Bahamas
February 21 2023 - 4:02AM
Dow Jones News
By Dominic Chopping
Equinor ASA said Tuesday it has agreed to sell its South Riding
Point oil terminal in the Bahamas to Liwathon Group.
The Norwegian energy major said the sale supports its strategy
to focus and concentrate its portfolio around core areas and allows
it to redeploy capital where it has a stronger competitive
advantage.
Equinor purchased the terminal in 2009 to enable the company to
trade oil primarily originating from the American markets.
"Since we bought the South Riding Point terminal in 2009, the
flow in the oil market in North America has changed significantly
for Equinor and the company has increasingly sold crude to other
regions globally," said Alex Grant, Equinor's senior vice president
for crude, products and liquids.
"Consequently, we believe a new owner would be better positioned
for the further development of the terminal."
Liwathon Group is an integrated logistics and investment
business that currently operates four facilities in Estonia. It
provides services surrounding handling, transport and storage of
liquid fuels traded globally.
Financial terms weren't disclosed.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 21, 2023 03:47 ET (08:47 GMT)
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