Sinopec completes acquisition of Fujairah oil terminal

摘要

Singapore—Chinese state-owned Sinopec has finalized its acquisition of a 50% stake in Concord Energy’s Fujairah oil terminal project in the United Arab Emirates. The $25.05 million deal for the storage facility project was announced in January 2011. Concord said it will continue to hold the remaining 50% in the project following the sale to Sinomart KTS Development, a subsidiary of one of Sinopec’s trading and logistics divisions, Sinopec Kantons Holding Limited. “Sinopec’s investment is a huge endorsement of the strategic importance of our Fujairah project, and brings valuable expertise in oil storage operations,” John Stuart, CEO of Assets Group Concord Energy, said in a statement January 4.