The full ownership transfer of the terminal will be July 1, 2022
Shell Markets (Middle East) recently announced that it has completed the sale of its oil products storage facility terminal located in Jebel Ali Free Zone (JAFZA) to energy logistics firm, Tristar Group.
The full ownership transfer of the terminal to Tristar Group will be effective from July 1, 2022.
“While this agreement enables us to focus on our core operations and products, it also allows us to continue to provide our customers high quality bitumen and lubricants products and services. It reflects our commitment to United Arab Emirates (UAE) and our customers,” asserted Azmat Jafri, General Manager, Customer Operations in Asia Pacific and China, Shell.
“This agreement between Shell and Tristar is a testament to both our companies’ single-minded focus on our respective customers, and our shared vision to support the UAE to reinforce its role as a global logistics hub,” affirmed Eugene Mayne, CEO, Tristar Group.
“This strategic asset transition allows us to expand our presence in JAFZA and our capacity to better serve our customers, offering them a fully integrated distribution service, which is now able to provide storage and distribution of bulk bitumen and lubricants,” he continued.
The completion of the sale was celebrated at an announcement event in Dubai and was also attended by Marco Bachechi, Group CFO; Balaji Nagabhushan, Group CAO; Raed Al Souki, Director, Business Development ME and Africa for Tristar Group, and Marwan Ramadan, Regional Business Manager and Project Manager, Shell, and other officials from both companies.
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