27 October 2012 – LawFuel.com International Law News – The international law firm Clifford Chance advised Mercuria Energy Asset Management B.V. (“MEAM”), a wholly owned subsidiary of Mercuria Energy Group Limited (“Mercuria”), on forming a new international joint venture in liquid bulk storage with Sinomart KTS Development Limited (“Sinomart”), a wholly owned subsidiary of Sinopec Kantons Holdings Limited (“Sinopec Kantons”). This week the two parties announced the signing of binding agreements to form the joint venture. The agreed transaction includes the sale by MEAM of a 50% equity interest in Vesta Terminals B.V. (“Vesta Terminals”) for a total consideration of EUR128.6 million to Sinomart.
David Griston, partner at Clifford Chance, comments: “We are truly excited to have been able to support Mercuria Energy Asset Management B.V. on this transaction. Although the market is generally difficult, the signing of this deal again shows the value of quality assets and strong management.”
Vesta Terminals is a leading independent liquid bulk storage operator in Europe with a total of approximately 1.6 million cubic meters of petroleum products and biofuels capacity at three terminals in Antwerp, Flushing (Vlissingen) and Tallinn. Following transaction completion, which is subject to certain conditions precedent including satisfaction of relevant regulatory processes, Vesta Terminals will continue to provide storage services to existing and new third party customers alongside its new shareholders. The partnership envisages the further expansion of Vesta Terminals’ existing sites and the joint development of international projects.
The Clifford Chance Amsterdam team that advises MEAM is headed by David Griston (Partner) and includes Jonne Buijtels (Associate), Mark Loefs (Associate) and Luuk Wieringh (Trainee Lawyer).