Lebanon Businessnews News

BB Energy acquires
Australian oil terminal
Plans expansion of Hypco gas stations
Share     Share on Facebook     Share on LinkedIn    
BB Energy Group, founded by Baha Baastne, has purchased Pioneer Energy, a diesel terminal previously owned by Morgan Stanley in Australia, via its wholly owned subsidiary Wala B Terminal Holding.

The value of the deal is more than $75 million.

This move is part of the company’s global expansion strategy. Its latest acquisition is the company’s first in Australia.

“We are also planning to expand into West Africa and have started to expand in Turkey,” Bassatne said.

Pioneer Energy owns the largest diesel terminal in Mackay, Australia, that comprises three storage tanks, each with a capacity of 25,000 cubic meters. It is the only fuel terminal in the Australian port city that incorporates marine loading arms for vessel discharge at 3,600 cubic meters per hour.

Bashir Bassatne, Chairman of Hypco, said: “We plan to add between ten and 15 local gas stations per year over the next five years.” Currently, Hypco has 138 stations. The company is expanding its terminals in parallel.

Hypco is a subsidiary of BB Energy. The Bassatne family purchased Hypco more than 30 years ago.

According to Bassatne, BB Energy is interested in the country’s upcoming regasification and oil and gas sectors.

“We plan to be present in all fields related to local energy production,” he said. This includes trading, distribution, and storage of hydrocarbons.

BB Energy is a family-owned global energy trading company founded locally in 1967. It has offices in Lebanon, the UAE, the U.K., the U.S., Greece, Turkey, Russia, Singapore, and Malaysia. It trades more than 17 million tons of crude and petroleum products annually and has investments in storage facilities that exceed 175,000 cubic meters.
Reported by Yassmine Alieh
Date Posted: May 09, 2017
Share     Share on Facebook     Share on LinkedIn