Prumo Sells 20% of Brazil Acu Oil Terminal to Oiltanking

Prumo Logistica SA , the Brazilian port operator controlled by U.S.-based EIG Global Energy Partners, agreed to sell 20 percent of its oil terminal at Brazil's Port of Açu to Germany's Oiltanking for $200 million, Prumo said on Thursday.

Under the agreement Oiltanking will also manage the Port of Açu Oil Terminal, which has the capacity to transfer 1.2 million barrels a day of petroleum and can handle the largest oil tankers, known as very large crude carriers, or VLCCs, Prumo said in a statement.

Oiltanking is a subsidiary of Marquard & Bahls, a family-owned company based in Hamburg. Prumo Logistica, formally known as LLX Logistica SA, was sold to EIG in 2013 as Brazilian tycoon Eike Batista's EBX oil, transportation, mining and energy group unraveled.

Operations at the terminal are expected to begin in August 2016 with the beginning of a contract to ship about 200,000 barrels a day of petroleum that BG Plc is producing in Brazil's offshore Santos Basin. BG is in the process of being taken over by Royal Dutch Shell Plc.

BG will use the terminal under a 20-year contract and has the option to increase its use to handle up to 320,000 barrels a day of offshore output.

The terminal will specialize in transferring oil from shuttle tankers that collect oil from offshore floating production storage and offloading ships and transferring that oil to larger tankers docked at Açu for shipment to market, Prumo said.

(Reporting by Jeb Blount)