State Oil has announced that its subsidiary, Prax Terminals, has successfully completed the acquisition of the Jarrow fuels terminal from Shell.
The 40,000 cbm terminal is located near Newcastle upon Tyne and will store diesel, gasoil, kerosene, gasoline and aviation fuel.
State Oil managing director Sanjeev Kumar said: “This acquisition represents the group’s continuing aspiration to procure further strategic storage assets in the UK and globally.
“These acquisitions will provide the group with the power to maximise market movements, to exploit arbitrage opportunities and will provide synergies between the wholesale and trading arms of the group.
“Ultimately, it will differentiate the group from a simple and singular oil trading business and is another milestone in the group’s ambition to become a leading and dominant global oil business supported by a portfolio of storage assets.”