Oil trader BB Energy buys Australia oil terminal
BB Energy Group has announced that it has purchased Pioneer Energy, Morgan Stanley's diesel terminal in Australia, via its wholly owned subsidiary Wala B Terminal Holding PTY Ltd
Multinational midstream company BB Energy Group has announced that it has purchased Pioneer Energy, Morgan Stanley’s diesel terminal in Australia, via its wholly owned subsidiary Wala B Terminal Holding PTY Ltd.
BB Energy is presently on a global expansion spree and the acquisition is the company’s first in Australia.
Pioneer Energy owns the largest diesel terminal in Mackay, in Australia’s Queensland state that comprises three storage tanks, each with a capacity of 25,000 cubic metres. It is the only fuel terminal in the Australian port city that incorporates marine loading arms for safe, efficient and fast vessel discharge at 3,600 cubic metres per hour.
The Mackay terminal is deemed to be ‘environmentally sound’ and boasts of an energy-efficient design, high level of automation, large import vessels, fast cargo discharge, optimal number of shipments, large storage capacity that reduces the need for imports, and rapid loading that cuts down on waiting and turnaround times.
“The acquisition of the Pioneer Energy terminal in Mackay represents a strong opportunity for us to enter a new territory, where we see tremendous potential,” Mohamed Bassatne, CEO of BB Energy, was quoted as saying in a press release.
“With the ongoing recovery of the mining sector as well as our diesel sourcing and trading network in the Far East, we believe we can play a key role in the Australian market. I am delighted about this significant step, which aligns with our global growth strategy perfectly,” Bassatne said of the acquisition.
As a global diesel supplier, BB Energy is well-positioned to provide technical support from its overseas offices. The company plans to open an office in Brisbane by the end of April, expanding its reach across nine countries.
According to Australia’s Department of Industry, Innovation and Science, diesel accounts for more than half of the country’s energy consumption. Australia is the biggest importer of diesel in the Asia-Pacific region.
BB Energy is a family-owned global energy trading company founded in Lebanon in 1967.
With main offices in the UAE, Lebanon, the UK, the US, Greece, Turkey, Russia, Singapore and Malaysia, BB Energy trades over 17mn tonnes of crude and petroleum products annually and has investments in storage facilities that exceed 175,000 cubic metres.