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Glencore sells parts of oil storage to HNA in $775 million deal

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Staff Writer | December 29, 2017
Acquisition   Swiss-based trading and mining giant

Glencore has partly completed the sale of a 51 percent stake in its storage and logistics businesses to a unit of China’s HNA Group, although transfer of some assets is pending U.S. clearance.

Glencore in March agreed to sell the stake in HG Storage International Ltd, a vehicle that carries its petroleum products storage and logistics portfolio, to HNA Innovation Finance Group for $775 million.

The commodities trader said on that $579 million of the deal had closed.

It added that three assets located in the United States would be transferred to HNA in 2018 upon receiving clearance from the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in U.S. firms or operations.

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