Service Terminal Rotterdam Changes Hands

LITASCO SA, a trading company of OAO LUKOIL, together with its joint venture partner Burando Maritime Services have entered into an agreement to sell 100% of their respective shares of Service Terminal Rotterdam v.o.f. (STR) to iCON Infrastructure Partners II.

The transaction follows two month-long negotiations and is expected to close at the end of April 2015.

STR is a purpose built bunker fuel terminal located in the Port of Rotterdam, the Netherlands.

It features 242,000m3 of storage capacity across two tank farms and a total quay length of 450 meters.

The project was implemented by a joint venture (50/50) established in 2003 between LITASCO and the Dutch company Burando Maritime Services.

LITASCO said that in line with the agreement it will remain the primary user of STR under a long-term exclusive contract.