3i Infrastructure Ltd, an infrastructure investment company, said it has agreed to buy a 45 per cent stake in the Oiltanking companies, providers of oil tank storage services.

The agreement with Oiltanking GmbH and the Malta Freeport Corporation Ltd will be financed by EUR115 million ($157.6 million) of equity from 3i Infrastructure and EUR190 million of debt arranged by RBC Capital Markets, 3i Infrastructure said in a statement.

Oiltanking Singapore Limited, Oiltanking Amsterdam BV and Oiltanking Malta Limited provide services in the oil trading and refining hubs of Singapore and Amsterdam, as well as in Malta.

“Storage of petroleum products is vital for the smooth operation of the global supply chain for refined oil product,” said Peter Sedgwick, chairman of the 3i Infrastructure board.

3i Infrastructure raised £700 million in March in an initial public offering after buying assets from private equity firm 3i Group Plc.

3i Infrastructure shares were bid at 98.5 pence as of 07.30 GMT after closing at 99 pence on Thursday.