Greenwich-based First Reserve Corp. has sold the equity interest in Bahamas Oil Refining Co.
The private energy investment firm has sold its 80 percent equity interest in a Bahamas Oil Refining oil storage terminal to Texas-based Buckeye Partners for $1.36 billion.
The terminal, a 21.6 million-barrel storage terminal for crude oil, fuel oil and multiple petroleum products located 80 miles east of the coast of Florida, has become a hub for some of the world’s major oil companies and provides them with facilities for storage and distribution services.
First Reserve and Vopak, a Netherlands-based tank terminal operator, acquired the oil storage terminal in April 2008 as a strategic joint venture. The equity of the company was split 80 and 20 between affiliates of First Reserve Fund and Royal Vopak, respectively. Full terms of the transaction were not disclosed.
The transaction is expected to close this month, contingent upon the receipt of satisfactory regulatory approvals from the Government of the Bahamas.
-       Ryan Doran
