Amsterdam, Nov 11 (Businesshala) – Global Energy Storage, a new company that aims to store products such as hydrogen and biofuels, said on Thursday it is buying property in Rotterdam from commodities firm Gunver Group and 20 hectares in the port. Will redevelop the land. for its operation.
Financial details of the purchase, including Gunvor’s stake in the port’s Stargate oil terminal, were not disclosed.
The company plans to “take an existing oil terminal and develop it into a state-of-the-art low-carbon product terminal,” GES chief executive Peter Vukins said in a statement.
GES was formed in May with the backing of Bluewater, a London-based private equity firm. A spokesman for the company said it has up to $250 million to invest.
Gunavour acquired a significant amount of storage at Rotterdam, Europe’s deepest port and a hub for its oil business, when it purchased an 88,000-barrel-per-day Rotterdam refinery from Kuwait Petroleum International in 2016.
As Businesshala reports at the time, it sold some storage capacity to Saudi Aramco in 2017 and was looking to partially divest the 1.5 million cubic meters of oil storage it has held at Stargate since 2018.
Gunvour’s global head of portfolio, Shahab Richyal, said the deal supports “the development of environmentally responsible projects in the Port of Rotterdam”.
GES said Thursday it will build a new jetty at the site, and plans to develop infrastructure for gas storage, gas-to-chemical production, hydrogen storage and ammonia storage. (Reporting by Toby Sterling; Editing by Jan Harvey)