Oiltanking Acquires Additional Stake in Exir Chemical Terminal
Exir Chemical Terminal, which was commissioned in January 2010, is a joint venture established between Oiltanking Odfjell GmbH and private Iranian investors. The facility is strategically situated in the Petrochemical Special Economic Zone (PETZONE) of Bandar Imam Khomeini. It is connected by pipelines to jetties of the PETZONE at the Persian Gulf and consists of 18 tanks and a capacity of 22,000 cbm.
Exir Chemical Terminal has been in continuous operation despite the difficult market conditions caused by the sanctions of recent years against Iran. Oiltanking considers the acquisition as a unique opportunity to build a majority stake in a state-of-the-art terminal. While last year’s partial sanctions relief has not yet unlocked the country’s full potential, the location of the terminal provides a significant opportunity for expansion to capitalize on expected market developments.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, a Hamburg-based family-owned company that operates in the fields of energy supply, trading and logistics. Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide. The company owns and operates 79 terminals in 24 countries within Europe, North and South America, Middle East, Africa, India as well as in Asia. Oiltanking has an overall storage capacity of 21 million cbm.