PHOTO
(Riyadh, Saudi Arabia): Tristar Group (“Tristar” or “the Company”), the global integrated energy logistics company, is pleased to announce that Saudi Basic Industries Corporation (SABIC) has extended its contract with the Company’s joint venture in KSA, United Stars, for an additional period of two years. Tristar’s mandate will be to continue to transport liquid industrial gases to SABIC’s diverse portfolio of clients across the GCC.
Tristar has a long-standing relationship with SABIC. In December 2017, United Stars Country Manager Aous Ali signed a three-year contract to transport liquid gases from SABIC’s plants in Jubail in the Eastern Province and Yanbu in the Western Province to SABIC affiliates inside the Kingdom, Gulf Cooperating Council (GCC) and Jordan.
Under the initial contract, Tristar had invested in 30 gas-carrying road tankers and Cryogenic ISO tankers to meet SABIC’s requirements, however, with the extension, an additional 11 tankers will be deployed this month. Furthermore, in the second phase of the contract, the company will provide around 20 tankers for an additional 28,000 MT requirement, which will be deployed in the second quarter.
Eugene Mayne, Group CEO of Tristar said: “We pride ourselves on our long-standing relationships and repeat business with our blue-chip clients globally, which have enabled our business to grow steadily, leading to a strong track record of growth with a consistent EBITDA margin between 20.1% to 22.8% in the years 2018 to 2020. The extension of our contract with SABIC, a leading player in the Middle East, is testament to our expertise in energy logistics, and plays a key role as we continue to grow our business in Saudi Arabia. We look forward to continuing to demonstrate best practice in safety that ensures a consistent level of safe and high quality service to SABIC and all our customers, and I look forward to reporting on further business developments in due course.”
United Stars operates a yard at the Dammam Modon Second Industrial Area, with an area of 40,000 sqm and a 10,000 sqm warehouse for both Dangerous Goods and Non-Dangerous Goods. The Company also operates two additional yards in Jubail with an area of 10,000 sqm, and Riyadh with an area of 10,000 sqm.
In 2020, Tristar established its Cryogenic Gas Transport division in the Kingdom, which offers the leasing of cryogenic ISO tanks and road tankers, in addition to consultation, engineering and intermodal transport services for cryogenic gas. It will open a specialised maintenance and repair centre for cryogenic assets at the Dammam yard later this year.
About Tristar:
Tristar is a global business, headquartered in Dubai, which offers end to end fuel logistics solutions to blue-chip clients including international and national oil companies and international NGOs. Its integrated energy logistics platform spans road and maritime transportation, specialized warehousing, fuel farms, commercial aviation refuelling and fuel supply operations.
It operates in more than 20 countries across 3 continents and has over 20 years proven legacy of operational quality making it a partner of choice to its customers, with a track record of profitable growth. The company operates to the highest international health, safety, environmental and compliance standards and receives awards for its exemplary record of operational and safety excellence, as well as sustainability initiatives.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
