State Oil’s managing director Sanjeev Kumar said: “This acquisition represents the group’s continuing aspiration to procure further strategic storage assets in the U.K. and globally. These acquisitions will provide the group with the power to maximise market movements, to exploit arbitrage opportunities and will provide synergies between the wholesale and trading arms of the group. Ultimately, it will differentiate the group from a simple and singular oil trading business and is another milestone in the group’s resolute ambition to become a leading and dominant global oil business supported by a portfolio of storage assets.”

Headquartered in Weybridge UK and with a trading offices in Zug Switzerland, Houston, Texas and Singapore the State Oil group is a leading independent trading, storage, distribution and retail conglomerate dealing in petroleum products and biofuels.