Glencore to sell 51pc of oil products storage business

LONDON: Swiss-based trading and mining giant Glencore has agreed to sell a 51 percent stake in its oil products and logistics business for $775 million to China's HNA Innovation Finance Group Ltd, the company said on Friday.

Reuters earlier exclusively reported that Glencore was in talks to sell a bundle of its global oil storage stakes, following similar moves by rivals as a boom period for storage shows signs of nearing to an end.

Glencore said the deal was expected to close in the second half of 2017 and that the transaction would result in a new company called HG Storage International Ltd with a presence across Europe, Africa and the Americas.

Dutch bank ING was the sell-side adviser to the deal, a spokeswoman for the bank said.