Nordic Business Report-July 24, 2006-Stolt-Nielsen subsidiary closes acquisition of 50% stake in Oiltanking Antwerp N.V
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian transportation services provider Stolt-Nielsen S.A. said on Monday (24 July) that its wholly-owned subsidiary Stolthaven Terminals BV and Oiltanking GmbH had closed the previously announced agreement whereby Stolthaven has acquired a 50% interest in Oiltanking Antwerp N.V.
The total consideration was valued at some USD66m, paid partly in cash and partly by assumption of outstanding debts.
Oiltanking Stolthaven Antwerp would operate as an independent liquid and gas storage provider, with a current capacity of 500,000 cubic metres of tank storage, the company said.
Plans to expand the facility include the building of 21 new chemical tanks and increasing the existing chemical capacity by 50,000 cubic metres, Stolt-Nielsen said.
One US dollar (USD) is worth approximately 0.56 British pounds (GBP).
((Comments on this story may be sent to [email protected]))
