Liwathon to Acquire Equinor’s South Riding Point Oil Terminal, Bahamas
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Equinor has entered into an agreement with Liwathon for the sale of the Equinor South Riding Point oil terminal at the Grand Bahama Island in the Bahamas.
The terminal was purchased by Equinor in 2009 to enable the company to trade oil primarily originating from the American markets.
“Since we bought the South Riding Point terminal in 2009, the flow in the oil market in North America has changed significantly for Equinor and the company has increasingly sold crude to other regions globally. Consequently, we believe a new owner would be better positioned for the further development of the terminal,” said Alex Grant, Equinor’s senior vice president for Crude, Products and Liquids.
“This transaction supports our strategy to focus and concentrate the portfolio around core areas and allows us to redeploy capital where we believe we have a stronger competitive advantage. Liwathon will now take over ownership and commence a process to restart regular operations of the South Riding Point terminal,” added Grant.
Liwathon will assume the responsibilities for the employees of South Riding Point. The transaction is approved by Bahamian authorities.
About Equinor
Equinor engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. The company also transports, processes, manufactures, markets, and trades in oil and gas commodities, such as crude and condensate products, gas liquids, natural gas, and liquefied natural gas; markets and trades in electricity and emission rights; operates refineries, terminals and processing, and power plants; and develops low carbon solutions for oil and gas. In addition, it develops wind, and carbon capture and storage projects, as well as offers other renewable energy.
To stop by Equinor’s website, CLICK HERE
About Liwathon
Liwathon Group is an integrated logistics and investment business. The company currently operates four facilities in Estonia with a storage capacity of over one million. The company provides an extensive range of services in the area of handling, transport and storage of liquid fuels traded globally.
To stop by Liwathon’s website, CLICK HERE
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