Port of Açu to build tank terminal for fuel storage

The Port of Açu, located in the northwest of Rio de Janeiro state, will inaugurate a liquid bulk storage terminal in December 2026 with an initial capacity of 40,000 cubic meters, expandable to 300,000 cubic meters under the existing project. Vast, a company fully controlled by Prumo, began construction of the first phase of the tank farm in June, with an investment of R$250 million.

Vast’s president, Victor Bomfim, emphasized that the company expects to define the financing model for the terminal by the end of the year. This will be the first liquid bulk unit installed at Açu. According to Bomfim, the motivation for investing in storage stemmed from the port’s own needs. “There is no port in Brazil without a liquid bulk terminal,” he said.

The backbone of the project was two long-term contracts signed by Vast with Efen — a partnership between Prumo and BP that supplies marine fuel — and with Vibra. These agreements guaranteed the development of the terminal’s first phase, which will store marine diesel for Efen and base oil for lubricants for Vibra. “From these structuring contracts, we will begin to expand and handle other types of liquids,” Bomfim explained.

An unresolved issue at the Port of Açu is the fate of the area originally intended to house OSX, part of the X Group, dedicated to building large vessels. OSX collapsed alongside OGX, the group’s oil exploration company, when it became clear that OGX would not deliver on its promises. The fallout also affected other X Group firms. OSX lost platform ship orders, which were critical to sustaining its shipyard, when the Petrobras scandals uncovered by Operation Car Wash came to light.

OSX filed for bankruptcy protection in 2013 with debts of R$4.5 billion. During restructuring, it shifted its business model from shipbuilding to leasing land at Açu, which has since operated as a port terminal. Today, OSX seeks clients willing to set up operations at the port and charges rent for the space.

However, OSX’s debts continued to mount, and in January last year the company filed for its second bankruptcy protection, this time for R$7.9 billion in liabilities. The case is being heard in the 3rd Business Court of the Rio de Janeiro State Court of Justice, the same court that oversaw its first restructuring. According to Valor’s findings, OSX’s current debt stands at R$7.6 billion. Its largest creditor is Vessel Fund, with R$2.367 billion, followed by Caixa Econômica Federal with R$1.7 billion, and the Port of Açu itself with R$1.6 billion. Spanish firm Acciona, responsible for part of the port’s civil works, is owed R$503 million, while BTG Pactual is owed R$471 million.

According to Rogério Zampronha, CEO of Prumo Logística, which controls the Port of Açu, the company is awaiting the outcome of OSX’s second restructuring “to understand how we can reclaim the area that is ours.” He explained that OSX leases an area at Açu and sublets it to third parties, but “never paid rent to us.” “They [OSX] collect rent but have not paid us anything. We own the land and haven’t received anything in over ten years,” Zampronha said. The case is currently in arbitration over unpaid rent, following an enforcement action filed by the Port of Açu.

Source: Valor Econômico

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