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Grindrod in new SA joint venture

4 Mar 2013

Oiltanking‚ Grindrod and Calulo Investments said on Friday (1 March) they had agreed to buy Grindrod Tank Terminals‚ a division of Grindrod SA‚ through their South African joint venture company.

The acquisition‚ the price of which has not been disclosed‚ adds a liquid bulk terminal in both Durban and Cape Town to the global network of Oiltanking along with a specialised road tanker fleet.

Both terminals played a key role in the importation and redistribution of molasses and vegetable oils. But the company has also secured licenses to store and handle other low volatility products.

"We believe that Oiltanking Grindrod Calulo has the expertise and credentials to capitalise on tank terminal development opportunities in SA‚" said Dave Rennie‚ chief executive of Grindrod freight services for ports and terminals.

Finalised in 2011‚ the Oiltanking Grindrod Calulo joint venture comprised Oiltanking‚ the world's second largest independent tank storage provider for petroleum products‚ chemicals and gases‚ as the lead partner owning a 46% stake.

Calulo Petrochemicals‚ an African investment house with interests mainly in petroleum and chemicals‚ and related service sectors holds a 16% stake. The remaining 38% is held by Grindrod.

The deal expands the relationship between Oiltanking‚ Grindrod and Calulo‚ leveraging Oiltanking's international expertise in liquid bulk logistics and Grindrod's and Calulo's presence in South African markets.

It also leverages the black economic empowerment credentials of Grindrod SA and Calulo.

Oiltanking Grindrod Calulo was the preferred bidder for the bulk liquid terminal at Coega near Port Elizabeth‚ where it expected to soon sign a definitive agreement with SA's port authorities.

Grindrod focused on transportation by road‚ rail and sea; the storage and handling of dry and liquid bulk commodities‚ and containers and cars.

Its operations also extended to commodity trading and financial services.

Source: I-Net Bridge

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