* Stock purchase agreement worth $263.2 million
* Transaction expected to close before end-2009
OSLO, July 8 (Reuters) - Norwegian oil and gas group StatoilHydro said on Wednesday it would buy the South Riding Point crude oil storage and transhipment terminal from World Point Terminals Inc for $263.2 million.
The terminal is located on Grand Bahama Island in the Bahamas, and the deal includes a crude oil storage and transhipment facility and World Point's 50 percent interest in the Freepoint Tug and Towing Service tug boat business, it said.
"StatoilHydro anticipates receiving all required governmental approvals during the 3rd quarter of 2009 and closing the transaction prior at year-end 2009," StatoilHydro said in a statement.
"(The deal) ... will strengthen StatoilHydro's marketing and trading position in North America by securing the full terminal capacity," said Jon Jacobsen, executive vice president for Manufacturing & Marketing, in a statement.
Jacobsen said the company's objective is to upgrade the terminal to "allow for blending of all types of crude oils, including heavy oils".
StatoilHydro said all 55 employees at the terminal will be offered permanent positions.
The stock purchase agreement is conditional upon an acceptable lease extension with the Bahamian government, a satisfactory due diligence and approvals from authorities, StatoilHydro said. (Reporting by Aasa Christine Stoltz; Editing by Jon Loades-Carter)