After six years of ownership, Prostar Capital has sold its high-performing bulk liquid storage terminal facility GTI Fujairah (GTIF) to Mercantile & Maritime Group (M&M).
GTIF is located in the Port of Fujairah in the United Arab Emirates — a major strategic energy trading port and one of the largest bunkering hubs in the world. The asset consists of 14 tanks and 2.2 million barrels, storing 352,000 cubic meters of black and white refined petroleum products. It is interconnected to all terminals in Fujairah, with six jetty lines providing access to nine main berths and two bunker barge berths.
The sale of GTIF represents the first exit from Prostar’s 2015 vintage Prostar Asia-Pacific Energy Infrastructure Fund I. Prostar has added a number of ESG improvements since it acquired the asset in 2017, closing in 2018. Now, GTIF has its own power generation system, including solar, and it has been consistently ranked as one of the leading operators in the port thr