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EXCLUSIVE-Glencore in talks to sell global oil storage stakes - sources
March 31, 2017 / 10:33 AM / 9 months ago

EXCLUSIVE-Glencore in talks to sell global oil storage stakes - sources

LONDON, March 31 (Reuters) - Swiss-based commodities trading and mining giant Glencore is in advanced talks to sell a bundle of its global oil storage stakes, sources familiar with the matter said, following a boom period for storage companies.

If the sale reaches completion, Glencore will likely end up with minority stakes in the assets. The company owns much of its storage terminal interests via joint ventures and is selling half of these stakes, the sources said.

A spokesman for Glencore declined to comment.

“It’s an exotic combination of assets with a variety of functions, mainly storage. It’s most, if not all, of Glencore’s global liquid storage,” one source said.

The portfolio includes assets in Argentina, Belgium and Madagascar, the source said.

“As a bundle it would appeal to someone looking for an entry point to certain countries,” the source added. (Additional reporting by Dmitry Zhdannikov; Editing by Dale Hudson)

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