B.P. may acquire tanker interest

Press, 23 May 1977, Page 14

B.P. may acquire tanker interest

PA Wellington! B.P. and Stolt-Nielsen | ihave signed a letter of in- 1 j tent which provides for B.P. [ Ito acquire an interest in, |Stolt Tankers and Terminals) (Holdings), S.A., the chemicals shipping and related) [business of the Stolt-Nielsen! [group. It is intended that 8.P.,) through the B.P. Tanker [ Company, Ltd. shall acquire la 50 per cent equity stake in; Stolt Tankers and Terminals! (S.T.T.), and participate in the management, activities, and development of the company. Initially, B.P. will advance loan finance of about SUSSOM to S.T.T., which will include selected StoltNielsen companies in the ’U.S.A., Japan, Norway, Singapore, Malaysia, Brazil, and he Netherlands, Stolt-Niel-sen said in a statement.

Stolt Tankers and Terminals is the ship-owning, trading and storage terminal

I company of the Stolt-Nielsen [group. It owns or runs 31 (parcel and product tankers (all over the world, and has [a further 12 on order. • Stolt-Nielsen also has! ')interests in the diving and) | offshore support industry, as [well as in tugs and barging! (in the U.S.A., but these are: [not included in the agree-) ()ment. . The B.P. Tanker Company) [[is the centre of world-wide ; [ shipping expertise for the [ B.P. group, it owns or runs 130 ships, ranging from very ! large crude carriers of around 250,000dwt to prod- , uct carriers of 15,000dwt. t The successful outcome of i these negotiations, which are ■ subject to the final approval ! of the Stolt-Nielsen share- ■ holders and of the board of 1 the British Petroleum Com- ■ pany, Ltd, will lead to a material strengthening of

one of the three major international parcel tanker com panies.