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RIYADH: UAE-based energy logistics group Tristar Transport has acquired a 51 percent stake in China-based HG Storage International in a deal valued at $215 million.
As per the agreement, the company will acquire a majority holding in a diversified portfolio of oil storage, distribution and retail assets owned by HG Storage, spread across eight countries in Europe, the Americas, Middle East and Africa.
The transaction will provide an additional 3 million cubic meters of fuel storage capacity to the Tristar portfolio, extending the company’s global presence to 29 countries across the globe.
The deal is expected to be completed in the second quarter of 2022.
Founded in 1998, Tristar Group is an integrated energy logistics business with a presence in 21 countries that serve the downstream oil and gas industry.
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