DONG Energy Oil Terminals is a provider of oil tank facilities in Scandinavia. It consists of 51 tanks with a total storage capacity of approximately 1.7 million cubic metres.
Two of the terminals are located at Stigsnæs in the southwestern part of Zealand. One terminal is located at Asnaes in the northwestern part of Zealand, while the fourth terminal is located at Ensted in the southern part of Jutland.
For 2010 DONG Energy Oil Terminals had an EBITDA of DKK261m. The transaction is expected to be closed later 2011.
Anders Eldrup, CEO of DONG Energy, said: “The sale of DONG Energy's oil terminals is a part of our work on focusing at core activities. We thereby continue our transition towards a more green energy production.”
All matters relating to environmental approvals and parcelling out permissions are expected to be in place before closing of the transaction.
Inter Pipeline Fund will take all employees of DONG Energy Oil Terminals.
The divestment results for DONG Energy in a net gain before tax of DKK2.4 billion though the information provided in this announcement does not change DONG Energy's previous financial guidance for the EBITDA for the 2011 financial year or the announced expected investment level.
Inter Pipeline is a major energy transportation, processing and storage business headquartered in Calgary, Canada.
David Fesyk, president and CEO of Inter Pipeline, said: “We are very pleased to expand our storage operations in Europe through the acquisition of the DONG Energy Oil Terminals. This is a well managed business with strong development potential. It adds scale and diversification to Inter Pipeline's existing platform of petroleum and petrochemical storage terminals in the UK, Ireland and Germany.”
Will the acquisition benefit Inter Pipeline?
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.