Founding of Oiltanking Argentina S.A.
The company Isaura, which already owns a refinery in Bahia Blanca and a service station business, is the successful bidder for the EBYTEM terminal in Puerto Rosales (the largest crude oil terminal in Argentina). Oiltanking proposes a joint venture with Isaura, and Oiltanking Argentina S.A. is founded. Isaura and Oiltanking GmbH own 27% and 73%, respectively, making Oiltanking the majority stakeholder of the EBYTEM terminal, with the right to manage the venture.
The state oil company YPF, which owns 30% of the terminal, is also the newly-dubbed Oiltanking EBYTEM terminal's largest customer. With YPF as co-owner, Oiltanking’s cash flow is assured – as there is no alternative terminal available to supply their refinery.
Oiltanking has altered the terminal substantially over the last couple of years. The 480,000 cbm tank terminal is at one of the hubs of Argentina's crude oil industry. The crude is received and dispatched by both pipeline and ship. Sea vessels of up to 80,000 dwt can be processed at two loading stations. No one has imagined that Oiltanking’s business would take off quite so quickly and spectacularly.