Dubai port operator acquires Topaz Energy for USD1.1B

DUBAI (AFP) – Dubai port and logistics giant DP World said yesterday it has acquired Topaz Energy and Marine, an offshore international vessel and marine logistics company for nearly USD1.1 billion.

Dubai-based Topaz is a subsidiary of Renaissance, a publicly traded firm on Oman’s Muscat stock exchange, with Standard Chartered Private Equity holding a minority stake.

Topaz operates a modern fleet of 117 vessels and operates mainly in the Caspian Sea, the Middle East and North Africa, and West Africa, DP World said in a statement.

It has long-standing relationships with leading international energy firms like British Petroleum, Chevron, Dragon Oil and ExxonMobil among others.

“We are pleased to announce the acquisition of Topaz, which further strengthens DP World’s position as a world-leading operator in maritime logistics services,” said the CEO of DP World, Sultan Ahmed bin Sulayem.

DP World is a global logistics provider and operates around 78 ports and terminals in 40 countries.

DP World, formed after the merger of Dubai Ports Authority and Dubai Ports International, operates ports and terminals in 40 countries. – AFP