A joint venture between Glencore and logistics firm Tristar Group has reached a deal to acquire a 37% stake in South Africa's largest oil storage facility. The deal comes as oil traders prepare for a possible global oversupply, which could drive demand for large scale storage.
Aquarius Energy first announced the transaction in 2023, but final agreements were only concluded this week. The deal strengthens Glencore's presence in the energy logistics space, especially at a time when global oil markets are shifting.
The deal strengthens Glencore's presence in the energy logistics space, especially at a time when global oil markets are shifting. The oil storage hub at Saldanha is strategically positioned along international shipping routes and has been used during past market imbalances, including the 2020 global oil surplus.
The company explained that the asset gives it leverage to respond to rising storage demand expected in periods of increased supply. Apart from this, the acquisition marks a notable move by Glencore, whose energy business typically operates fewer physical assets compared to its large metals and mining operations.
In a separate update, Glencore said on Wednesday it had revised its long term annual profit forecast for its global trading operations. The company increased its projected range to between $2.3 billion and $3.5 billion, up from its previous estimate of $2.2 billion to $3.2 billion.
Swiss-based Glencore has completed the sale of a 51 per cent interest in its storage and logistics businesses, HG Storage International Limited (HGSI), to China''s Innovation Finance Group
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A Glencore joint venture is buying into Africa''s biggest oil storage site at a time when the market is bracing for an expected oversupply.
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Anglo-Swiss trading and mining giant Glencore has sold its 51% interest in HG Storage International Limited (HGSI) to Chine conglomerate HNA Innovation Finance Group
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Aquarius Energy is a joint venture between Tristar and Glencore, consolidating what was historically Glencore''s global network of oil storage and logistics facilities in key trading hubs.
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Commodity trading and mining giant Glencore is in advanced negotiations to sell a package of stakes that it holds in various global oil storage companies, Reuters reported on
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Our global network of strategically located operations allows us to deliver solutions across services, products, and continents. We apply leading standards in providing efficient and secure storage, transport, and
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A joint venture between Glencore and logistics firm Tristar Group has reached a deal to acquire a 37% stake in South Africa''s largest oil storage facility. The deal comes as oil traders prepare for a possible global
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