Malta Freeport Corporation Limited and Oiltanking GmbH yesterday sold a 45 per cent shareholding in Oiltanking Malta Limited to 3i Infrastructure Limited.

As a result of the sale, Malta Freeport Corporation has disposed of its entire 30 per cent shareholding for a consideration of Lm12.7m (EUR29.6 million) and Oiltanking GmbH has diluted its shareholding from 70 per cent to 55 per cent.

Oiltanking Malta Limited was established in 1989 by Malta Freeport Corporation (30 per cent) and Oiltanking GmbH – (70 per cent) to develop a common user oil terminal within the Freeport Area, on a site leased from Malta Freeport Corporation. The company currently operates tanks with a capacity of 486,000 cubic metres which will increase to 526,000 cubic metres once the two tanks which are currently under construction are completed later this year.

The divestment by Malta Freeport Corporation of its entire 30 per cent shareholding in Oiltanking Malta Limited is in line with government policy for public sector entities to perform the role of regulator rather than investor.

In fact, the Malta Freeport Corporation will continue to regulate the activities of Oiltanking Malta Limited as licensor and landlord. Oiltanking GmbH, as the majority shareholder, will continue to be the managing and operating partner of Oiltanking Malta Limited and the terminal will continue with the present strategy to act as an independent tank storage provider for petroleum products.

The sale of the shareholding in Oiltanking Malta Limited to 3i Infrastructure Limited forms part of a larger divestment strategy by Oiltanking GmbH which also includes the sale of a minority shareholding in the terminal facilities in Amsterdam and Singapore. 3i Infrastructure Limited is a Jersey incorporated investment company, admitted to the London Stock Exchange in March 2007, established to provide financial and strategic support to the infrastructure business.

Oiltanking GmbH, a division of the privately-held Marquard and Bahls AG, is one of the largest independent tank storage providers for petroleum products operating 73 terminals in 21 countries with an overall capacity of 12 million cubic metres.