Schelde River News

Stolt-Nielsen and Oiltanking Announce Joint Venture

Stolt-Nielsen announced an agreement in principle between Stolthaven Terminals BV, a wholly-owned subsidiary of SNSA, and Oiltanking GmbH whereby Stolthaven Terminals BV will acquire a 50% interest in Oiltanking Antwerp N.V. for a total consideration of approximately $64 million, which is paid partly in cash and partly by assumption of outstanding debts. The agreement is subject to regulatory approval and will be retroactive to January 1, 2006. The terminal will be renamed Oiltanking Stolthaven Antwerp and will continue to operate as an independent liquid and gas storage provider. Oiltanking Stolthaven Antwerp is located on the right…