Totsa, the trading arm of France’s TotalEnergies, is to lose its gasoline storage facilities at Dubai’s Jebel Ali from the end of June. The firm, described by one source as “the kings of Jebel Ali” has been dethroned by Glencore, which in taking on the tanks is making an aggressive play to muscle into the Middle East oil trading scene.
MEES understands that Totsa has eight gasoline tanks at Jebel Ali, with combined capacity of around 184,000 m³ (1.2mn barrels). The loss of the tanks will be a big blow to Totsa’s Middle East operations, as it uses them to blend equity gasoline volumes from its regional refining stakes; most notably its 37.5% stake in the 460,000 b/d Satorp refinery at Jubail in Saudi Arabia and its 10% stake in two Qatari condensate splitters. (CONTINUED - 942 WORDS)
