State Oil’s managing director Sanjeev Kumar said: “This acquisition represents the group’s continuing aspiration to procure further strategic storage assets in the U.K. and globally. These acquisitions will provide the group with the power to maximise market movements, to exploit arbitrage opportunities and will provide synergies between the wholesale and trading arms of the group. Ultimately, it will differentiate the group from a simple and singular oil trading business and is another milestone in the group’s resolute ambition to become a leading and dominant global oil business supported by a portfolio of storage assets.”
Sunday 13 March 2016
PRAX PETROLEUM'S PARENT ACQUIRES THE JARROW FUELS TERMINAL FROM SHELL
WEYBRIDGE, England, March 10 (Bernama-BUSINESS WIRE) -- State Oil announced today that its subsidiary, Prax Terminals, has successfully completed the acquisition of the Jarrow fuels terminal from Shell; the terminal is located near Newcastle Upon Tyne. The 40,000 cbm terminal will store diesel, gasoil, kerosene, gasoline and aviation fuel.
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