Diversified commodity trading company Glencore has completed the previously announced $775m sale of a 51% interest in its petroleum products storage and logistics business, HG Storage International (HGSI), to HNA Innovation Finance Group (HNA).
The companies reached the agreement related to the transaction in March last year.
Through HGSI, Glencore has consolidated its petroleum products storage and logistics businesses into a global portfolio of assets, located in strategic trading hubs across Europe, Africa, the Middle East and the Americas.
At the time of signing the agreement in March, Glencore Oil head Alex Beard said: “We are pleased to be entering into a partnership with HNA to further develop our global petroleum products storage and logistics business.
“HG Storage brings together Glencore’s expertise in the petroleum products storage business and extensive market knowledge with HNA’s global reach and strong position in Asia.
“We also look forward to exploring further potential opportunities for cooperation with HNA in areas of mutual interest.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe companies have reached a second agreement pursuant, to which three of the original transaction assets located in the US will be transferred into HGSI this year.
The transaction is conditional upon receipt of satisfactory Committee on Foreign Investment in the US (CFIUS) clearance.
Approximately $579m of the aggregate amount of $775m is linked to the closure of the original agreement, while the remaining amount will be realised following the completion of the second agreement.
HGSI is focused on expanding its global footprint through acquisitions.