Gunvor subsidiary to buy stake in Oiltanking’s Indonesian storage terminal
Coral Cay Pte Ltd., a subsidiary of Gunvor International B.V., based in Singapore, intends to buy a stake in Indonesia’s PT Oiltanking Karimun, a storage terminal for petroleum products. The total value of the stake was not disclosed.
The storage capacity of PT Oiltanking Karimun is 288,800 cubic meters, the Vedomosti newspaper reported.
German oil and chemicals storage services provider Oiltanking GmbH currently owns a 95% stake in the terminal.
Oiltanking owns 73 terminals, with a storage capacity of more than 20 million cubic meters in 22 countries. (February 26, 2013)