October 2, 2013 [Stolt-Nielsen Ltd.] - Stolt-Nielsen Limited announced today that Stolthaven Terminals BV, a subsidiary of the Company, has taken a 20% stake in Norterminal AS, which is pursuing the development of a world-class 300,000 to 700,000 cbm crude oil terminal and a gas storage facility near Kirkenes in northern Norway.
The terminal is being designed to serve the growing needs for storage resulting from the increased production of oil and gas in the Arctic and Barents Seas. Further terms of the transaction were not disclosed. Pending receipt of necessary permits, the new terminal is to be built on 100 hectares adjacent to deep sheltered waters and close to the Kirkenes infrastructure. Current plans call for the terminal to be operational in 2018.
In the interim, Norterminal AS plans to provide a floating storage facility to enable the transhipment of oil from the Arctic and Barents Seas to ships serving markets in Western Europe.
The founder and majority shareholder in Norterminal AS is Jacob B. Stolt-Nielsen, a director of Stolt-Nielsen Limited. The decision to invest in Norterminal AS was made exclusively by the independent directors of the SNL Board.
