WEST CORK, Ireland and HOUSTON, Feb. 9, 2015 /PRNewswire/ -- Zenith Energy ("Zenith" or "the Company"), an international liquids and bulk terminaling company, today announced that it has acquired the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66. Terms of the transaction were not disclosed.
The terminal, located on Whiddy Island in Bantry Bay, has a storage capacity of over eight million barrels and is one of the largest and deepest drafts in Europe, holding a portion of Ireland's strategic petroleum reserves. Zenith intends to continue operating the terminal on a commercial basis.
Jeffrey R. Armstrong, CEO of Zenith, commented, "We are pleased to have acquired the Bantry Bay Terminal, which serves as a critical commercial link in northwest Europe for crude and refined products. The terminal's attractive deepwater location on Bantry Bay enables our customers to take advantage of many trade opportunities, and the terminal will remain an important part of Ireland's strategic petroleum reserve."
Barry O'Driscoll, Manager of Bantry Bay Terminal, commented, "We are excited to join Zenith and to be among its first significant terminal investments. Our facility has a long history of success in Europe and we look forward to building upon it in the years to come."
This acquisition will further strengthen Zenith's footprint and accelerate the company's growth, following Zenith and Grupo Coremar's June 2014 announcement of the award of a contract for the construction on the first phase of a new, multi-product liquids terminal in Palermo, Colombia.
As previously announced at the time of its formation, Zenith is pursuing opportunities to buy, build and operate petroleum liquids and petrochemical terminals and related logistics including distribution assets that support terminals, such as pipelines, truck racks and barges, primarily in Latin America, Europe and Africa.
About Zenith Energy
With headquarters in Houston, Zenith Energy is an international liquids and bulk terminaling company. Zenith is pursuing opportunities to buy, build and operate terminals primarily in Latin America, Europe and Africa. The Company is focused on the storage and distribution for petroleum, refined products, natural gas liquids and petrochemicals. The Company also will acquire and operate logistics and distribution assets that support terminals, such as pipelines, truck racks and barges. In August 2014, Warburg Pincus, a leading global private equity firm focused on growth investing, led a line-of-equity commitment in Zenith of up to $600 million.
SOURCE Zenith Energy