International liquids and bulk terminaling company Zenith Energy has acquired the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66.
The terminal, located on Whiddy Island in Bantry Bay, has a storage capacity of more than 8 million barrels and is one of the largest and deepest drafts in Europe, holding a portion of Ireland's strategic petroleum reserves. Zenith intends to continue operating the terminal on a commercial basis.
The acquisition will further strengthen Zenith's footprint and accelerate the company's growth, following Zenith and Grupo Coremar's June 2014 announcement of the award of a contract for the construction on the first phase of a new, multi-product liquids terminal in Palermo, Colombia.
Zenith said it is pursuing opportunities to buy, build and operate petroleum liquids and petrochemical terminals and related logistics including distribution assets that support terminals, such as pipelines, truck racks and barges, primarily in Latin America, Europe and Africa.