Tristar Transport

About Tristar Transport

Established in 1998 by Eugene Mayne, Tristar Group has evolved from a small UAE-based road transport service with three used trucks into an integrated energy logistics powerhouse. Mayne, the company's Group CEO, leveraged over two decades of experience at Caltex Petroleum Corporation to identify and fill a crucial gap for safe and reliable petroleum transport in the region. His journey began by investing his family savings to launch the business at the age of 45, driven by a long-held ambition to be an entrepreneur.

Tristar provides a comprehensive suite of logistics solutions to the downstream oil and gas industry across 30 countries. The company's client base is composed of blue-chip entities, including national and international oil majors and intergovernmental organizations. Its business model is structured around five core segments: Road Transport and Warehousing, Maritime Logistics, Fuel Farms, Remote Fuel Supply, and Commercial Fuels. Revenue is generated by offering these end-to-end supply chain services through long-term contracts, which provides a resilient business model shielded from market volatility. A pivotal partnership with Agility in 2003 provided the financial capital and strategic value needed for significant expansion.

The company's service portfolio is extensive. It manages over 2,000 road transport assets and more than 30 maritime vessels for transporting petroleum products, chemicals, and cryogenic gases. Furthermore, Tristar operates over 50 fuel farms and more than 100 remote fuel sites, offering services like turnkey fuel solutions and commercial aviation refueling. Key milestones include the 2016 acquisition of Emirates Ship Investment Company (Eships) for $90 million, which enhanced its maritime capabilities, and a 2022 deal to acquire a 51% stake in HG Storage International (now Aquarius Energy), significantly boosting its global fuel storage capacity. The company has also signaled its intention for an IPO on the Dubai Financial Market to fuel future growth. Tristar is actively investing in sustainability, with plans to launch the region's first hybrid bunker barge in 2025 and incorporating electric vehicles and biofuels into its road fleet.