GES sells Hamriyah Terminal
Global Energy Storage subsidiary, GPS Innova Singapore, has sold its SRS Middle East terminal to investment firm, Paragon Capital, to focus on its core business operations.
Located at the Hamriyah Terminal in the UAE, SRS comprises 178,640 cubic metres of storage capacity for petroleum products and petrochemicals. GES began developing the terminal on the then-greenfield site in 2018, and it was commissioned in 2020.
“Having built the terminal from scratch, we have once again proven our world-leading capability to develop strategic assets on greenfield sites,” said Peter Vucins, chief executive of GES.
“We are pleased to have concluded this sale to Paragon Capital and are confident that they will do a great job as the new owners.”
SRS Middle East FZE, a subsidiary of GPS Innova Singapore has been a significant player in the energy storage industry. Its sale will allow GES to focus on its core business, particularly the cryogenic storage of gases like LNG, LPG, ammonia and hydrogen.
“We are delighted to have completed the acquisition of this state-of-the-art storage terminal in UAE which is run by an excellent team,” said Susmit Gupta, managing director of Paragon Capital.
“We strongly believe that UAE will be a leading force in the energy sector, and this asset aligns very well with our strategy and investment thesis.”
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