Macquarie said to weigh sale of stake in Singapore petrochemical storage terminal
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Advario Singapore Chemical is a joint venture between Macquarie and Rotterdam-based liquid storage logistics firm Advario BV.
PHOTO: ADVARIO ASIA PACIFIC
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SINGAPORE – Macquarie Group’s asset management arm is considering selling its 50 per cent stake in a petrochemical storage terminal in Singapore’s Jurong Island, according to people familiar with the matter.
Macquarie Asset Management is working with a financial adviser on the potential disposal of the stake in Advario Singapore Chemical, which may attract interest from infrastructure-focused funds and industry players, the people said. A stake sale could fetch several hundred million dollars, the people said.
Sale considerations are at a preliminary stage and no final decisions have been made, they added.
A representative for Macquarie declined to comment, while Advario did not immediately respond to a request seeking comment.
Advario Singapore Chemical is a joint venture between Macquarie and Rotterdam-based liquid storage logistics firm Advario BV. The terminal has about 409,000 cubic m storage capacity and more than 80 tanks, according to a presentation on Advario’s website. It handles products including clean petroleum, gases, lubricants and petrochemicals, and offers services such as cooling and heating, blending, pipeline connection tank-to-tank transfer, truck and vessel loading and unloading.
A potential deal for Advario Singapore Chemical would follow other recent ones in Singapore. In September, Advario said it took full control of Advario Helios Singapore, acquiring the remaining stake in the terminal from Macquarie Helios Holdings. The facility has 503,000 cubic m of storage capacity for a range of fuels and industrial gases. BLOOMBERG
