Vitol Group, which is one of the world’s largest energy trading businesses, has acquired a 35% stake from Grindrod in the company which owns the Maputo coal terminal concession, paying $67.7 million.
Grindrod was awarded the concession for Terminal de Carva~o da Matola up to 2033; the agreement includes a possible ten-year extension option. A total of $70 million has so far been invested in renovation of the infrastructure to expand capacity to 6mt (million tonnes)d. Dredging of the channel, completed in 2011, enables Panamax vessels to access the facility.
A feasibility study has also been completed to assess the possibility of expanding capacity to 20mt, which would require an investment of $800 million to reclaim an area of 120ha, in which two new berths would be built, as well as a stockpile area and new railway infrastructure.
According to Grindrod,Vitol has extensive experience in building terminals and also an established global trading business. However, the equity sale will still have to be approved by the government of Mozambique.
BC