August 14, 2015 [Prostar Capital Ltd.] - Prostar Capital Ltd. (“Prostar”), a private equity firm that invests in energy infrastructure businesses, announced today that it has completed a follow-‐on investment in the Fujairah Oil Terminal FZC (“FOT”), increasing its ownership interest in the terminal to 40.0%.
Prostar acquired its initial 18.6% stake in FOT in late 2013 during the early stages of construction of the terminal, one of the largest developments of its kind in the world at the time. The terminal commenced operations in early 2015.
“The increased ownership stake means Prostar can be more involved in the terminal’s value creation undertakings, including optimization of operations, sourcing of new customers, implementation of global best practices, as well as executing capacity expansions and upgrades,” commented Steve Bickerton, Prostar’s Managing Partner.
“FOT is one of the largest independent terminals in the region and is well placed to secure third party customers at favorable rates relative to other ‘captive’ or non-‐independent terminals.
Its strategic link to Asia’s rapidly expanding energy markets will ensure continued strong demand for storage and drive potential growth and other value enhancing opportunities,” said Mr. Bickerton.
