HNA buys into Glencore storage facilities

China’s HNA Group has agreed to acquire a majority stake in Glencore’s petroleum products storage and logistics business for $775m.

The deal, which is expected to close during the second half of 2017, will result in a newly incorporated company, HG Storage International.

This will consolidate Glencore’s existing petroleum products storage and logistics businesses into a global portfolio of assets.

HG Storage will have an established presence in major trading hubs and strategically important locations across Europe, Africa and the Americas.

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