First Reserve Buys Borco Oil Terminal

First Reserve has agreed to acquire an 80% stake in the Borco oil terminal on Grand Bahamas, from Petroleos de Venezuela SA. The other 20% will be acquired by Dutch oil and gas storage company Royal Vopak NV, which will manage the terminal. No financial terms were disclosed.




Vopak has reached agreement in principal with First Reserve Corporation to form a strategic joint venture company for the Freeport oil terminal facility, known as Borco oil terminal, on the Grand Bahama Island (Bahamas). Vopak and First Reserve agreed that the terminal will be operated by Vopak and according to Vopak's global operating standards and practices. In addition, Vopak will acquire a 20% interest in this terminal. The terminal will be named Vopak Terminal Bahamas and will be operated as an integral part of the Vopak global network.


First Reserve yesterday agreed to acquire the Freeport oil terminal from Petr