The sale of 51% of the business will see Glencore and HNA form a new company, HG Storage International, which will operate oil storage assets across Europe, Africa and the Americas, in trading hubs where one or the other already has an established presence.

The deal, which is expected to close in the second half of 2017, comes at what may be the end of a period of high oil storage prices caused by the global oil glut. Production cuts agreed by Opec producers and others in recent months may begin to weigh on storage prices later this year, although oil benchmark prices continue to hover around the USD 50 a barrel mark. 

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