Glencore plc completes the sale of 51% interest in HG Storage International Limited (HGSI) to HNA Innovation Finance Group Co., Limited

Baar, Switzerland, 03-Jan-2018 — /EuropaWire/ — Glencore plc (Glencore) is pleased to announce it has completed the sale of a 51% interest in HG Storage International Limited (HGSI) to HNA Innovation Finance Group Co., Limited (HNA), a transaction which was announced on 31 March 2017.

HGSI is a new vehicle which has consolidated Glencore’s petroleum products storage and logistics businesses into a global portfolio of high-calibre assets, located in strategic trading hubs across Europe, Africa, the Middle East and the Americas.

Glencore and HNA have also entered into a second agreement pursuant to which three of the original transaction assets located in the USA will be transferred into HGSI in 2018, subject only to receipt of satisfactory CFIUS clearance. Of the original purchase price of $775m, $579m is attributable to today’s closing (subject to customary closing adjustments), with the balance payable upon closing of the second agreement.

HGSI intends to expand its global footprint through acquisitions and organic growth supported by its shareholders. A combined board and management team with extensive operational and trading experience is in place to execute HGSI’s growth plans and utilise the strengths of Glencore and HNA groups globally.

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 155,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

For further information please contact:

Martin Fewings
t: +41 41 709 2880
m: +41 79 737 5642

Ash Lazenby
t: +41 41 709 27 14
m: +41 79 543 38 04

Charles Watenphul
t: +41 41 709 2462
m: +41 79 904 3320

Source: Glencore plc


Comments are closed.