Equinor has entered into an agreement with Liwathon for the sale of the Equinor South Riding Point oil terminal at the Grand Bahama Island in the Bahamas.
The terminal was purchased by Equinor 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. Consequently, we believe a new owner would be better positioned for the further development of the terminal,' says Alex Grant, Equinor’s senior vice president for Crude, Products and Liquids.
'This transaction supports our strategy to focus and concentrate the portfolio around core areas and allows us to redeploy capital where we believe we have a stronger competitive advantage. Liwathon will now take over ownership and commence a process to restart regular operations of the South Riding Point terminal.'
Liwathon will assume the responsibilities for the employees of South Riding Point.
The transaction is approved by Bahamian authorities.
Further commercial details on the transaction will not be disclosed.
Liwathon Group is an integrated logistics and investment business. The company currently operates four facilities in Estonia with a storage capacity of over one million m3. The company provides an extensive range of services in the area of handling, transport and storage of liquid fuels traded globally.