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Concord Energy Pte Ltd. has announced the completion of the sale of a 50% interest in Fujairah Oil Terminals FZC to Sinomart KTS Development Limited.

Following the sale to Sinomart, Concord maintains a 50% shareholding in Fujairah Oil Terminals. Sinomart is a 100% owned subsidiary of Sinopec Kantons Holdings Limited.

Commenting on the news, John Stuart, CEO Assets Group Concord Energy Pte Ltd, said: “We are delighted to confirm the completion of the sale of 50% of the Fujairah Oil Terminals project to Sinomart. Sinomart’s investment is a huge endorsement of the strategic importance of our Fujairah project, and brings valuable expertise in oil storage operations.”

“In addition, and despite very tough credit markets, Fujairah Oil Terminals recently signed binding agreements for the provision of a US$252m senior debt facility with a consortium of six international banks. We expect construction of the tank farms to start this month with commercial operations commencing in the 4th quarter of 2014,” added Stuart.

Fujairah Oil Terminals is an independent 1,155,000 cubic metre oil storage facility in the Emirate of Fujairah, United Arab Emirates. Once completed, the facility will have the capability to store crude oil, bunkers, gasoline, diesel and other petroleum finished products. The facility will also offer additional services such as product mixing, blending and heating.

Rotary Engineering Limited is the main EPC contractor, and construction is expected to take 21 months. Fujairah Oil Terminals is located in the Fujairah Free Zone, adjacent to the Port of Fujairah, which is strategically located along Gulf of Oman, just outside the Straits of Hormuz. It is well positioned to serve the Middle East’s local and regional markets and to act as a hub location to facilitate global trade flows.

Concord Energy Pte Ltd. is a Singapore-based leading crude oil and refined petroleum product trading company, with businesses in Asia, Middle East, Europe, North and West Africa, as well as North and South America. Concord is also the exclusive supplier of crude oil and petroleum products to the Port Dixon refinery in Malaysia, and is seeking to develop various aspects of its business as part of its evolution into an integrated asset-backed oil company.

Sinopec Kantons Holdings Limited is a subsidiary of China Petroleum & Chemical Corporation (Sinopec). The company was listed on the Hong Kong Stock Exchange on 25 June 1999 and is a logistic and trading company with principal activities including operating crude oil loading, storage and transmission facilities in China and trading of crude oil and petroleum products.

As the only red-chip company of Sinopec currently held in Hong Kong, Sinopec Kantons is a key representation of Sinopec’s diversified capital, and was included as a constituent stock of the Hong Kong China-Affiliated Corporation Index and the Hang Seng Composite Index in September 2000 and August 2003 respectively.