VTTI has bought a 51% stake in a storage terminal project in Pakistan for refined oil products.
The greenfield project comprises 233,400 m3 of capacity at a location near Karachi. The company says in a statement that its international network combined with the support of local partners Hascol and Fossil will 'ensure the future terminal is one of the key independent regional terminals required to supply the growing domestic market'.
It adds: 'It is expected that due to local economic and demographic growth, the demand for refined products will increase significantly in the future. Through this investment, we are supporting the development of the infrastructure needed to further develop energy security in the region.'
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