CHINA MER PORT: Vast Terminal Acquisition Delayed by One Year

Deep News12-01

CHINA MER PORT Holdings Limited (CHINA MER PORT) recently issued an updated announcement regarding the revised acquisition of Brazil's VAST terminal. The company stated that it entered into an amended and restated share purchase agreement with the buyer and seller on November 27, 2025, involving the acquisition of a 70% stake in the VAST crude oil terminal project located at the Port of Açu in Rio de Janeiro, Brazil.

The revisions primarily include adjustments to the deadline and consideration. The deadline has been extended to November 28, 2026, with the expected closing delayed by approximately one year from the original schedule. Under the amended agreement, the purchase price payable by the buyer upon closing has been adjusted to $350 million (approximately HK$2.73 billion), but shall not exceed $596 million (approximately HK$4.652 billion).

The VAST terminal is the only privately operated oil terminal in Brazil capable of handling VLCCs for crude oil transshipment, outside of Petrobras-operated facilities. Approximately 30% of Brazil's crude oil exports pass through this terminal, which processes an average of 560,000 barrels per day. Currently, its licensed handling capacity stands at 1.2 million barrels per day, with crude oil transported via facilities in northern Rio de Janeiro.

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