Aquarius Energy, a joint venture (JV) focused on fuel supply and logistics, has completed its acquisition of global petrochemical storage provider Oiltanking’s 37% stake in Oiltanking MOGS Saldanha (OTMS), Africa’s biggest oil storage site, located in Saldanha Bay on the West Coast of South Africa.

Aquarius Energy is an independently managed JV between Switzerland-headquartered global commodity trading and mining company Glencore and Tristar Group, a UAE-based logistics company specialising in fuel supply and transport.

The JV positions itself as a global leader in bulk liquid storage and distribution, consolidating what was historically Glencore’s global network of oil storage and logistics facilities in key trading hubs. The company operates in the Americas, Europe, Africa, and the Middle East.

In December 2024, Aquarius Energy announced its initial intention to acquire Oiltanking’s stake in OTMS, a state-of-the-art storage and blending facility in South Africa. OTMS was jointly owned (50:50) by Oiltanking and Mining, Oil & Gas Services (MOGS), a South African energy infrastructure company.

Following Aquarius Energy’s acquisition of Oiltanking’s 37% stake in the company, it has been renamed as Aquarius MOGS Saldanha (AQMS), according to Aquarius Energy media statement on July 30.

“We are excited to finalise this investment into South Africa,” said Gary Kalmin, CEO of Aquarius Energy. “This acquisition will enable us to bring our global expertise to work closely with our partners, customers and local management to ensure the long-term success of AQMS.”

The facility has a storage capacity of up 10mn barrels and operates as a commercial crude oil storage terminal, serving both strategic reserves and global oil traders. The deal was finalised as oil trading companies prepare for an expected oversupply.

As reported by Bloomberg, OTMS has previously played a vital role in storing excess oil during periods of surplus, enabling traders to benefit by selling it later at higher prices.

According to the media agency, Glencore’s energy trading arm holds fewer assets than its much larger metals and minerals division, which is involved in both production and trading on a significant scale. However, this has begun to shift over the past year, with new acquisitions such as a joint venture involving Shell’s refining and chemicals operations in Singapore.

Glencore has also raised its long-term annual profit outlook for its trading business, Bloomberg says, updating the expected range to $2.3bn–$3.5bn, compared to the previous estimate of $2.2bn–$3.2bn.