Tristar acquires crude oil terminal in Louisiana
Dubai-based Tristar Group has acquired a 300 thousand barrel crude oil terminal that feeds into the deep water port of Louisiana in the Gulf of Mexico. This positions the company well for forays in the US’ shale oil sector.
The Canal Crude Oil Terminal is within the Louisiana Offshore Oil Port (LOOP) which is a deep-water port in the Gulf of Mexico off the coast of Louisiana.
The terminal acquired by Tristar, which is spread across 50 acres with 18 tanks, is capable of storing almost 350,000 BBLs. It has a loading capability of 3,000 to 4,000 BBLs per hour.
“This is a strategic investment that will not only complement Tristar‘s fuel farm business but also positions Tristar for an entry into the lucrative shale oil Industry in the US,” affirmed Eugene Mayne, CEO, Tristar Group.
In 2009, Tristar bought Shell Guam Agat Fuel Facility which is spread across 237 acres on the Pacific Island of Guam, making it one of the largest fuel storage terminals in the Pacific with a storage capacity of 4.2 million barrels.