TankTerminals.com - Stolt takes 50% of Oiltanking Antwerp

Stolt takes 50% of Oiltanking Antwerp

London, England - March 20, 2006 - Stolt-Nielsen S.A. (Nasdaq NM: SNSA; Oslo Stock Exchange: SNI) announced today an agreement in principle between Stolthaven Terminals BV, a wholly-owned subsidiary of SNSA, and Oiltanking GmbH whereby Stolthaven Terminals BV will acquire a 50% interest in Oiltanking Antwerp N.V. for a total consideration of approximately $64 million, which is paid partly in cash and partly by assumption of outstanding debts. The agreement is subject to regulatory approval and will be retroactive to January 1, 2006.
The terminal will be renamed Oiltanking Stolthaven Antwerp and will continue to operate as an independent liquid and gas storage provider. Oiltanking Stolthaven Antwerp is located on the right bank of the Schelde River in the world's second-largest petrochemical complex that has an infrastructure long established and dedicated for marine and land logistics. The terminal has a capacity of 500,000 cubic meters of tank storage serving the liquid chemical, chemical gas, and petroleum markets. The terminal is also linked to the surrounding industry by 26 pipelines

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Added to TankTerminals.com on: Tuesday, March 21, 2006 by .

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