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Prumo sells stake in Acu oil terminal to Oiltanking for $200m

Prumo Logistica, the Brazilian firm that developed the port of Acu in Rio de Janeiro state, has sold 20 per cent of its stake in the oil terminal there for $200 million, it was revealed on Thursday.

That evaluation by German buyer Oiltanking of Hamburg rates the full terminal at $1 billion, which is 1.5 times the market value of Prumo.

Prumo made the Port of Acu – located in the municipality of Sao Joao da Barra – Latin America’s most expensive private port at a price of $2.4 billion after years of delays and overruns. The iron ore terminal there began running in October 2014.

By the time that phase was completed Prumo’s founder Eike Batista had been largely bought out as Prumo was taken over by US-based EIG Global Energy Partners in 2013.

Oiltanking, the world’s second-biggest independent crude storage provider, will manage the oil operations at the terminal as part of the new deal.

Those operations are expected to begin in August 2016 with a contract to ship about 200,000 barrels a day of petroleum that BG will produce in Brazil’s offshore Santos Basin.

Acu super port is expected to benefit greatly as production grows from deepwater deposits offshore Brazil, known as the pre-salt. The port will have the capacity to transfer 1.2 million barrels a day of petroleum and can handle the largest oil tankers, very large crude carriers (VLCCs).

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Published on:
August 7, 2015
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