Equinor Sells Oil Terminal in Bahamas

By Dominic Chopping

Equinor ASA said Tuesday it has agreed to sell its South Riding Point oil terminal in the Bahamas to Liwathon Group.

The Norwegian energy major said the sale supports its strategy to focus and concentrate its portfolio around core areas and allows it to redeploy capital where it has a stronger competitive advantage.

Equinor purchased the terminal in 2009 to enable the company to trade oil primarily originating from the American markets.

"Since we bought the South Riding Point terminal in 2009, the flow in the oil market in North America has changed significantly for Equinor and the company has increasingly sold crude to other regions globally," said Alex Grant, Equinor's senior vice president for crude, products and liquids.

"Consequently, we believe a new owner would be better positioned for the further development of the terminal."

Liwathon Group is an integrated logistics and investment business that currently operates four facilities in Estonia. It provides services surrounding handling, transport and storage of liquid fuels traded globally.

Financial terms weren't disclosed.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

February 21, 2023 03:47 ET (08:47 GMT)

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