Shell Markets (Middle East) Ltd has completed the sale of the Shell oil products storage facility terminal located in the Jebel Ali Free Zone (JAFZA) area of Dubai to energy logistics firm, Tristar Group.
The full ownership transfer of the terminal to Tristar Group will be effective from July 1, 2022.
Under the terms of the sales and services agreements signed between the two companies, Shell will continue to supply bitumen and lubricants products and services to its customers from the terminal.
Azmat Jafri, Shell’s General Manager of Customer Operations in Asia Pacific and China said, “While this agreement enables us to focus on our core operations and products, it also allows us to continue to provide our customers high quality bitumen and lubricants products and services.
"It reflects our commitment to United Arab Emirates (UAE) and our customers.”
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Eugene Mayne, Tristar Group’s CEO said, “This agreement between Shell and Tristar is a testament to both our companies’ single-minded focus on our respective customers, and our shared vision to support the UAE to reinforce its role as a global logistics hub.
"This strategic asset transition allows us to expand our presence in JAFZA and our capacity to better serve our customers, offering them a fully integrated distribution service, which is now able to provide storage and distribution of bulk bitumen and lubricants.”
The completion of the sale was celebrated at an event in Dubai on June 30, 2022 attended by Eugene Mayne, Group CEO, Marco Bachechi, Group CFO, Balaji Nagabhushan, Group CAO, and Raed AL Souki, Director- Business Development Middle East and Africa for Tristar Group.
Also present were, Azmat Jafri, General Manager of Customer Operations in Asia Pacific and China and Marwan Ramadan, Regional Business manager and Project Manager for Shell and other officials from both companies.