DP World acquires Topaz Energy

An aerial view of the Caspian Sea. Credit: REUTERS/Amr Abdallah Dalsh/PA Images

DP World has acquired Topaz Energy and Marine Limited (Topaz), from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of USD1,079 million.

The move is hoped “open the door for DP World to explore new business areas more extensively, for example, increasing transit volumes through Azerbaijan within the East-West trade corridor,” Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said.

Topaz is an international critical logistics and solutions provider to the global energy industry. The company operates a fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions. The Caspian Sea is the largest inland body of water in the world, and a strategic oil basin holding approximately six percent of global oil reserves. Topaz maintains long-standing relationships with many international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.