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Prostar to invest $100mn on GTI Statia storage terminal asset upgrades
Prostar Capital reports that some $100mn is to be invested in its newly acquired GTI Statia (GTIS) storage terminal to expand and upgrade operating capacity to meet demand from new and existing customers.
GTIS is one of the largest independent crude and refined product storage terminals serving the US Gulf Coast, Latin American and Caribbean markets. Prostar acquired the terminal in July 2019 from NuStar Energy.
The two-year investment programme will focus on tank upgrades, and jetty and marine infrastructure improvements, in order to build on the company’s role as a major provider of make-and-break bulk services to customers looking to move crude oil by VLCC (very large crude carrier) in and out of the US Gulf Coast as well as to end markets in the Asia-Pacific. The improvements will also allow GTIS to continue to provide bunkering services to cruise and cargo customers throughout the Caribbean. The capital investment plan aims to improve infrastructure flexibility, a critical factor for storage operators in enabling the transition to low-sulphur marine fuel dictated by new IMO 2020 regulations.
GTI Statia (GTIS) storage terminal
Photo: Prostar Capital
