Global Equity International, Inc. (GEQU) and its wholly-owned subsidiary Global Equity Partners Plc., appointed VT Hydrocarbon Holdings (Pte.) Ltd. to help raise $78 mln in order to acquire an LPG (liquid petroleum gas) storage tank facility in Jordan, with the amount already raised and secured in a letter of "Proof of Funds" from the potential investors.
Using this first deal as a model, VT will acquire, operate, manage and build hydrocarbon storage farms in Aqaba and expand to repeat the formula in other parts of the world, with the main business focus on LPG storage as well as other wet fuel facilities.
Operating in a politically neutral zone, VT’s Cypriot owners expect to initially acquire an existing storage facility and repurpose it to specialise in wet fuel storage and LPG storage, thus directly responding to the 45% market deficit in LPG supply being suffered in the local region, which includes Jordan’s neighbouring countries.
LPG demand is increasing yearly in the region for many reasons, mainly domestic consumption, feedstock for petrochemicals and fuel for vessels as there is no effective storage for this demand.
Storage is required to ensure steady supply, price stability and security and VT’s aim will be to provide the largest and most state-of-the-art LPG facility and logistics to support the region.
“This is a fantastic opportunity due to the global shortage of storage for LPG tanks as well as VT's goal to be the primary energy storage provider in the region supplying support to other industry players such as Jordanian Petroleum Refineries, Total, and Manaseer Group,” GEQU’s CEO Peter Smith said in Dubai.
“We believe VT will be a significant piece of the LPG landscape. The company is well suited to our particular market, contacts and interests, and we look forward to assisting in their growth plan during the next three years,” Smith added.
Global Equity International Inc. is an American company public company with the subsidiary Global Equity Partners Plc www.gepartnersplc.com an independent provider of corporate restructuring, and financial and corporate advisory solutions mainly to the SME sector, with offices in London, New York, Frankfurt and Dubai, they assist clients both locally and internationally to deliver solutions spanning the SME sector.
