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Zenith acquires Atlantic oil storage facility in Ireland

10th February 2015

Zenith Energy has acquired the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66

Zenith Energy has acquired the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66
Zenith is pursuing opportunities to buy, build and operate petroleum liquids and petrochemical terminals and related logistics including distribution assets that support terminals, such as pipelines, truck racks and barges, primarily in Latin America, Europe and Africa. Courtesy: Warren Buckley

The terminal, located on Whiddy Island in Bantry Bay, has a storage capacity of over eight million barrels and is one of the largest and deepest drafts in Europe, holding a portion of Ireland's strategic petroleum reserves.  Zenith intends to continue operating the terminal on a commercial basis.

Terms of the transaction were not disclosed.

Jeffrey R. Armstrong, CEO of Zenith, commented: "We are pleased to have acquired the Bantry Bay Terminal, which serves as a critical commercial link in northwest Europe for crude and refined products.  The terminal's attractive deepwater location on Bantry Bay enables our customers to take advantage of many trade opportunities, and the terminal will remain an important part of Ireland's strategic petroleum reserve."

Barry O'Driscoll, manager of Bantry Bay Terminal, commented: "We are excited to join Zenith and to be among its first significant terminal investments.  Our facility has a long history of success in Europe and we look forward to building upon it in the years to come."

This acquisition will further strengthen Zenith's footprint and accelerate the company's growth, following Zenith and Grupo Coremar's June 2014 announcement of the award of a contract for the construction on the first phase of a new, multi-product liquids terminal in Palermo, Colombia.

As previously announced at the time of its formation, Zenith is pursuing opportunities to buy, build and operate petroleum liquids and petrochemical terminals and related logistics including distribution assets that support terminals, such as pipelines, truck racks and barges, primarily in Latin America, Europe and Africa.

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