Aberdeen Standard agrees second storage deal of the year

15 May 2019 - 12:00 am UTC

Whitehelm has selected Aberdeen Standard Investments as the winner of its Oikos auction, sources said, in a highly competitive process that saw the buyer agree its second storage deal in as many months

Aberdeen Standard signed a deal on 12 May to pay around GBP 140m including debt for Oikos, a company located on Canvey Island in Essex specialising in the storage of up to 300,000m³ of oil, diesel and jet fuel, sources said.

Aberdeen Standard has raised finance from lenders to support its acquisition, sources said. The manager was advised by DC Advisory (financial), PwC (commercial), DNV (technical) and Ashurst (legal).

Other final bidders for the asset include Spanish operator CLH, the operator of a connecting pipeline, and Navigator Terminals, which operates a nearby storage terminal, as reported. Inter Terminals, the European arm of Toronto-listed energy infrastructure group Inter Pipeline, has also been linked to the process.

The successful bid for Oikos comes after Aberdeen Standard earlier this year agreed to acquire German oil storage business UNITANK in consortium with Dutch investor DIF.

The commodity storage market has been busy lately, with other transactions in the market including the sale of the Douglas terminal in Ghent by its owners, the family business Ghent Transport & Storage (GTS) and commodity company Hartree Partners.

Recently agreed deals in the sector aside from UNITANK include First State’s purchase of three of Vopak’s European petroleum and chemicals terminals earlier this year.

Aberdeen Standard Investments and Whitehelm did not respond to requests for comment.

 

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