Equinor sells its oil terminal in the Bahamas

Inspenet, February 23, 2023

The Norwegian state-owned company Equinor announced an agreement with Liwathon for the sale of the Equinor South Riding Point oil terminal on Grand Bahama Island in the Bahamas.

The terminal was purchased by Equinor in 2009 to allow the company to trade oil coming primarily from US markets.

“Since we purchased the South Riding Point terminal in 2009, the flow in the North American oil market has changed significantly for Equinor and the company has sold more and more crude to other regions of the world. Consequently, we believe that a new owner would be better positioned for further development of the terminal,” says Alex Grant, Equinor’s senior vice president of crude, products and liquids.

“This transaction supports our strategy of focusing and concentrating the portfolio in core areas and allows us to redeploy capital where we believe we have the strongest competitive advantage. Liwathon will now assume ownership and begin a process to restart regular operations of the South Riding Point terminal.”

Liwathon will assume the responsibilities of South Riding Point employees. The transaction is approved by the authorities of the Bahamas.

Liwathon Group is an integrated investment and logistics company. The company currently operates four facilities in Estonia with a storage capacity of more than one million cubic meters. The company offers a wide range of services in the area of handling, transportation and storage of liquid fuels marketed worldwide.

Source : https://oilandgasmagazine.com.mx/2023/02/equinor-vende-su-terminal-petrolera-en-las-bahamas/

Photo: ShutterStock

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