Overview

Oystercatcher is the holding company through which 3i Infrastructure holds a 45% interest in Advario Singapore Limited (previously Oiltanking Singapore Limited).

Advario Singapore is a 1.3 million cubic metre facility focused on storage and blending of refined clear petroleum products for a range of blue chip customers. With a premier location, on Jurong Island, it is accessed by pipeline, sea going vessel and barge.

Oiltanking is one of the world’s leading independent storage partners for oils, chemicals and gases, operating 41 terminals in 18 countries with a total storage capacity of 16 million cubic metres.

Recent developments 

• Performance at Advario Singapore in the period was in line with expectations for the year to 31 March 2023. The market for oil products continues to be backwardated, with future prices below current prices. However, strong activity levels resulted in high storage utilisation across the region which was supportive for good contract renewals in the period. Advario Singapore continues to be the premier gasoline blending terminal in Singapore and in the wider Asia Pacific region, and therefore commands good rates.
• The strategic transition to some green fuel storage is progressing well. In 2022, a first agreement was signed with an anchor customer to start storing and blending sustainable aviation fuel (“SAF”). The project is on track and is expected to be operational in 2023. We believe this gives Advario Singapore a first mover advantage for SAF related business. A further contract has been agreed with a second customer for storing sustainable marine fuel.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.