Vitol Inc. will operate the marine fuel bunker supply business at the GTI Statia (GTIS) crude and refined products storage terminal on the Caribbean island of St. Eustatius, GTIS owner Prostar Capital reported Tuesday.
In a written statement emailed to Rigzone, Prostar noted that GTIS is one of the largest independent crude and refined products storage terminals serving cruise and cargo shipping customers in the U.S. Gulf Coast and Caribbean markets. The firm noted the new long-term strategic relationship with Vitol will combine GTIS’ infrastructure flexibility with Vitol’s global marketing network, helping to expand GTIS’ bunker market position.
“We are very pleased to announced GTI Statia’s agreement with Vitol to operate the bunker business out of our world-class 14-million-barrel facility,” remarked Dave Noakes, Prostar’s senior managing director.
He explained the deal reflects Prostar's strategy of focusing on GTIS' storage operations and reinvesting capital toward expanding capacity to meet strong customer demand.
“Vitol is one of the largest energy traders in the world and is a significant customer at GTIS and at Prostar’s other storage terminals globally," Noakes continued. "This new initiative will strengthen our relationship with Vitol and will be immediately accretive for both organizations while bringing sufficient value to GTIS’ customer base in the regional bunker market.”
Prostar also stated that GTIS will continue to provide storage, services and logistics infrastructure.
“This strategic relationship allows the facility to focus on being a world-class terminal operator and will leverage our strategic vision to enhance the service, quality and value of the facility and the bunker business,” commented GTIS President and CEO John Roller. “With its strong track record of delivering solutions and managing major end-to-end customer experience, we know that Vitol will continue to bring value to our terminal business.”
Earlier this year, Prostar reported that it plans to spend up to $100 million upgrading the St. Eustatius facility over the next two years. Prostar Senior Managing Director Steve Bickerton noted Tuesday that the deal with Vitol adds further value to the complex.
“This transaction builds on the $100 million capital investment plan for the terminal we announced in March and demonstrates our support and commitment to GTI Statia, the terminal’s strong operations team and the local economy,” Bickerton stated.
Vitol representative Dominique Laborde also applauded the agreement.
"We are delighted to have forged a long-term relationship with Prostar and GTI Statia and look forward to working with them at this first-class facility," he concluded.
To contact the author, email mveazey@rigzone.com.
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