Norwegian oil and gas producer Equinor has agreed to divest its South Riding Point oil terminal in the Bahamas to Estonian logistics and investment company Liwathon Group.
Located at the Grand Bahama Island, the South Riding Point oil terminal was purchased by Equinor in 2009 to trade oil primarily originating from the American markets.
The facility has terminals with a total storage capacity of 6.8 million barrels.
Equinor crude, products and liquids senior vice-president Alex Grant said: “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.
“This transaction supports our strategy to focus and concentrate the portfolio around core areas and allows us to redeploy capitals where we believe we have a stronger competitive advantage. Liwathon will now take over ownership and commence a process to restart regular operations of the South Riding Point terminal.”
Liwathon currently operates four oil liquid terminals in Estonia, with a total storage capacity of over one million cubic metres.
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Upon completion of the deal, Liwathon will assume the responsibilities for the South Riding Point terminal’s employees.
Equinor and Shell Offshore recently started production at the Vito deepwater platform in the US Gulf of Mexico.
The Vito four-column, semi-submersible host facility is expected to have a peak production capacity of 100,000 barrels of oil equivalent per day (boepd).
It comprises eight subsea wells, gas lifts, and associated subsea flowlines and equipment.