Zenith Energy, a Houston-based private equity backed liquids and bulk terminalling company, has agreed to buy liquids storage terminal asset in Hamburg, Germany, from Royal Dutch Shell (Shell).

The deal is slated to complete in the first half of this year. Further terms of the deal have not been divulged.

The facility, located on 55 ha, is situated in Hamburg port, which is the country’s largest seaport and one of the largest container ports in Europe.

This asset, which has an expected storage capacity of more than 480,000 cubic metres / 3.0 million barrels for petrol, diesel and jet fuel, will enable the company to ship products through port, truck rail and pipeline.

Once the ownership is transferred to Zenith, Shell will become a major customer of the terminal.

“This is a natural progression in our growth strategy and underscores our commitment to expand into key European markets.”

Zenith CEO Jeffrey R. Armstrong said: “We are pleased to further Zenith’s geographic expansion with the acquisition of these terminalling assets strategically located in the Port of Hamburg, one of the world’s largest trading ports and a key terminalling centre for crude and refined products in Europe.

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“This is a natural progression in our growth strategy and underscores our commitment to expand into key European markets. We are excited to be working with Shell, a leader in the global oil and gas industry, and all of our customers in Hamburg, as well as welcoming our new colleagues in the region and further investing in the terminal facility.”

This acquisition will be Zenith’s third terminal in Europe. In 2015, it acquired terminalling assets in Ireland from Phillips 66 and a year later, in Amsterdam from BP.

Zenith also operates a multi-product liquids terminal in Palermo, Columbia, established through a joint venture with Grupo Coremar in 2014.

Its overseas extensions are funded through a $600m line of equity pumped in by New York-based private equity firm Warburg Pincus fours years ago, reported Bizjournals.com.